Elme Communities (NYSE:ELME) Price Target Raised to $19.00 at Wells Fargo & Company

Elme Communities (NYSE:ELME - Free Report) had its target price upped by Wells Fargo & Company from $17.00 to $19.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the company. Truist Financial raised Elme Communities from a "hold" rating to a "buy" rating in a report on Friday, January 17th. JPMorgan Chase & Co. downgraded Elme Communities from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $19.00 to $18.00 in a report on Tuesday, December 17th.

Elme Communities Stock Up 0.1 %

Shares of ELME stock traded up $0.02 during trading hours on Thursday, reaching $17.11. 937,916 shares of the stock were exchanged, compared to its average volume of 634,424. The business's fifty day moving average is $15.30 and its two-hundred day moving average is $16.49. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55. Elme Communities has a 12-month low of $12.74 and a 12-month high of $18.49. The firm has a market capitalization of $1.51 billion, a P/E ratio of -122.18 and a beta of 0.91.

Elme Communities (NYSE:ELME - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of ($0.03) by $0.26. Elme Communities had a negative net margin of 5.42% and a negative return on equity of 1.18%. As a group, research analysts expect that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 3rd. Investors of record on Wednesday, March 19th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, March 19th. Elme Communities's dividend payout ratio is presently -514.29%.

Hedge Funds Weigh In On Elme Communities

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC grew its position in Elme Communities by 3.1% in the 3rd 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. Geode Capital Management LLC grew its position in Elme Communities by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,234,902 shares of the company's stock valued at $39,319,000 after buying an additional 12,999 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Elme Communities by 0.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,143,320 shares of the company's stock valued at $32,321,000 after buying an additional 18,965 shares during the last quarter. William Blair Investment Management LLC grew its position in Elme Communities by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 1,934,863 shares of the company's stock valued at $29,545,000 after buying an additional 46,755 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Elme Communities by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,730,227 shares of the company's stock valued at $26,421,000 after buying an additional 11,015 shares during the last quarter. 87.88% of the stock is currently owned by hedge funds and other institutional investors.

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.