Balyasny Asset Management L.P. Buys 228,419 Shares of Elme Communities (NYSE:ELME)

Balyasny Asset Management L.P. boosted its stake in shares of Elme Communities (NYSE:ELME) by 34.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 899,141 shares of the company’s stock after acquiring an additional 228,419 shares during the period. Balyasny Asset Management L.P. owned 1.02% of Elme Communities worth $13,730,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELME. Argosy Lionbridge Management LLC bought a new stake in Elme Communities during the fourth quarter worth $25,275,000. Northern Trust Corp lifted its position in shares of Elme Communities by 54.9% during the 4th quarter. Northern Trust Corp now owns 1,510,239 shares of the company’s stock worth $23,061,000 after buying an additional 535,440 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Elme Communities by 38.7% in the fourth quarter. Renaissance Technologies LLC now owns 1,461,007 shares of the company’s stock valued at $22,310,000 after buying an additional 407,607 shares in the last quarter. JPMorgan Chase & Co. grew its position in Elme Communities by 97.0% in the fourth quarter. JPMorgan Chase & Co. now owns 814,233 shares of the company’s stock valued at $12,433,000 after acquiring an additional 400,834 shares during the last quarter. Finally, Norges Bank acquired a new position in Elme Communities during the fourth quarter worth about $2,750,000. 87.88% of the stock is owned by institutional investors and hedge funds.

Elme Communities Stock Up 1.0 %

Shares of NYSE ELME opened at $16.01 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 0.65. The firm has a market cap of $1.41 billion, a PE ratio of -114.39 and a beta of 0.96. The company’s fifty day simple moving average is $16.24 and its 200 day simple moving average is $16.10. Elme Communities has a 12-month low of $13.95 and a 12-month high of $18.49.

Elme Communities (NYSE:ELME) last issued its earnings results on Thursday, May 1st. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $61.49 million for the quarter, compared to analyst estimates of $61.31 million. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. Elme Communities’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 earnings per share. As a group, sell-side analysts forecast that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Tuesday, June 17th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date is Tuesday, June 17th. Elme Communities’s payout ratio is -480.00%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ELME shares. Truist Financial upgraded shares of Elme Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company upped their price target on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th.

About Elme Communities

Elme Communities is committed to elevating what home can be for middle-income renters by providing a higher level of quality, service, and experience. The Company is a multifamily real estate investment trust that owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space.