Verition Fund Management LLC Takes $541,000 Position in Elme Communities (NYSE:ELME)

Verition Fund Management LLC purchased a new position in Elme Communities (NYSE:ELME - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,781 shares of the company's stock, valued at approximately $541,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Elme Communities by 466.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 654,403 shares of the company's stock valued at $11,511,000 after purchasing an additional 538,857 shares during the period. DigitalBridge Group Inc. bought a new stake in shares of Elme Communities during the second quarter valued at approximately $8,132,000. FMR LLC raised its position in shares of Elme Communities by 3.1% during the third quarter. FMR LLC now owns 5,637,288 shares of the company's stock valued at $99,160,000 after buying an additional 171,486 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Elme Communities in the second quarter worth $1,419,000. Finally, Martingale Asset Management L P purchased a new position in Elme Communities during the third quarter valued at $1,535,000. 87.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Elme Communities from $17.00 to $19.00 and gave the stock an "overweight" rating in a research note on Monday, September 16th. Wells Fargo & Company increased their price target on Elme Communities from $14.00 to $17.00 and gave the company an "equal weight" rating in a research note on Friday, September 13th. Finally, Wolfe Research started coverage on Elme Communities in a research note on Monday, October 21st. They issued a "peer perform" rating on the stock.

Elme Communities Price Performance

Shares of Elme Communities stock traded up $0.10 during trading hours on Thursday, reaching $16.53. The company's stock had a trading volume of 405,718 shares, compared to its average volume of 580,812. The firm has a 50 day moving average price of $16.80 and a 200-day moving average price of $16.65. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.55 and a quick ratio of 0.55. Elme Communities has a one year low of $12.74 and a one year high of $18.49. The stock has a market cap of $1.45 billion, a P/E ratio of -110.19 and a beta of 0.89.

Elme Communities (NYSE:ELME - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.27). The company had revenue of $61.06 million during the quarter, compared to the consensus estimate of $60.31 million. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. Elme Communities's revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 earnings per share. On average, analysts predict that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Thursday, December 19th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend is Thursday, December 19th. Elme Communities's dividend payout ratio (DPR) is -479.97%.

Elme Communities Company Profile

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.