Connor Clark & Lunn Investment Management Ltd. Takes $975,000 Position in Elme Communities (NYSE:ELME)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Elme Communities (NYSE:ELME - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 55,444 shares of the company's stock, valued at approximately $975,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of Elme Communities at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in Elme Communities by 162.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company's stock valued at $27,000 after purchasing an additional 1,100 shares in the last quarter. Archer Investment Corp raised its stake in Elme Communities by 308.2% in the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company's stock worth $28,000 after acquiring an additional 1,350 shares during the last quarter. Fifth Third Bancorp lifted its position in Elme Communities by 438.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,835 shares of the company's stock worth $29,000 after acquiring an additional 1,494 shares during the period. GAMMA Investing LLC grew its stake in Elme Communities by 149.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,881 shares of the company's stock valued at $46,000 after purchasing an additional 1,725 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Elme Communities by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company's stock valued at $60,000 after purchasing an additional 885 shares during the period. 87.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Elme Communities Price Performance

ELME traded up $0.26 during trading on Thursday, hitting $16.95. The company's stock had a trading volume of 432,929 shares, compared to its average volume of 630,185. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -112.99 and a beta of 0.89. Elme Communities has a twelve month low of $12.74 and a twelve month high of $18.49. The business's fifty day simple moving average is $17.02 and its 200 day simple moving average is $16.61. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63.

Elme Communities (NYSE:ELME - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.03) 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 analysts' expectations of $60.31 million. Elme Communities had a negative return on equity of 1.17% and a negative net margin of 5.51%. Elme Communities's revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. On average, equities research analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date of this dividend is Thursday, December 19th. Elme Communities's dividend payout ratio (DPR) is -479.97%.

Elme Communities 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.