Elme Communities (NYSE:ELME) Hits New 12-Month Low - What's Next?

Elme Communities (NYSE:ELME - Get Free Report) reached a new 52-week low on Wednesday . The company traded as low as $13.95 and last traded at $14.46, with a volume of 67883 shares traded. The stock had previously closed at $14.69.

Analysts Set New Price Targets

Several brokerages recently issued reports on ELME. Wells Fargo & Company lifted their target price on Elme Communities from $17.00 to $19.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. Truist Financial raised shares of Elme Communities from a "hold" rating to a "buy" rating in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. cut shares of Elme Communities from an "overweight" rating to a "neutral" rating and cut their target price for the company from $19.00 to $18.00 in a research note on Tuesday, December 17th.

Elme Communities Stock Up 0.9 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.55 and a current ratio of 0.58. The firm has a market capitalization of $1.34 billion, a PE ratio of -108.57 and a beta of 0.84. The company has a fifty day moving average price of $16.62 and a 200-day moving average price of $16.28.

Elme Communities (NYSE:ELME - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.23 earnings per share (EPS) for the quarter, beating 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, analysts expect that Elme Communities will post 0.94 earnings per share for the current year.

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Elme Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, March 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.74%. Elme Communities's dividend payout ratio (DPR) is presently -514.29%.

Hedge Funds Weigh In On Elme Communities

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Elme Communities by 1,505.2% in the first quarter. GAMMA Investing LLC now owns 53,888 shares of the company's stock worth $938,000 after buying an additional 50,531 shares during the last quarter. Yoffe Investment Management LLC bought a new position in Elme Communities during the 4th quarter valued at about $331,000. Two Sigma Advisers LP raised its position in Elme Communities by 60.2% in the 4th quarter. Two Sigma Advisers LP now owns 404,700 shares of the company's stock worth $6,180,000 after purchasing an additional 152,100 shares during the period. Two Sigma Investments LP lifted its stake in Elme Communities by 8.4% in the fourth quarter. Two Sigma Investments LP now owns 323,154 shares of the company's stock worth $4,935,000 after purchasing an additional 25,003 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Elme Communities by 44.5% during the fourth quarter. ProShare Advisors LLC now owns 26,524 shares of the company's stock valued at $405,000 after buying an additional 8,162 shares during the period. Hedge funds and other institutional investors own 87.88% of the company's stock.

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.