Elme Communities (NYSE:ELME) Hits New 1-Year High - Time to Buy?

Elme Communities (NYSE:ELME - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $19.99 and last traded at $17.15, with a volume of 646 shares traded. The stock had previously closed at $17.18.

Analyst Ratings Changes

ELME has been the subject of a number of research analyst reports. Wells Fargo & Company upped their price objective on shares of Elme Communities from $17.00 to $19.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. cut shares of Elme Communities from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $19.00 to $18.00 in a research note on Tuesday, December 17th. Finally, Truist Financial raised shares of Elme Communities from a "hold" rating to a "buy" rating in a research note on Friday, January 17th.

Elme Communities Price Performance

The company's fifty day moving average is $15.71 and its two-hundred day moving average is $16.50. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -123.28 and a beta of 0.86. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 0.65.

Elme Communities (NYSE:ELME - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate 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%. Equities research analysts anticipate that Elme Communities will post 0.94 earnings per share for the current fiscal year.

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Elme Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th will be issued a $0.18 dividend. The ex-dividend date is Wednesday, March 19th. This represents a $0.72 annualized dividend and a yield of 4.17%. Elme Communities's dividend payout ratio (DPR) is presently -514.29%.

Institutional Investors Weigh In On Elme Communities

Several hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp increased its position in shares of Elme Communities by 12.3% during the third quarter. Van ECK Associates Corp now owns 15,125 shares of the company's stock worth $263,000 after acquiring an additional 1,660 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of Elme Communities by 0.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 210,724 shares of the company's stock valued at $3,707,000 after acquiring an additional 1,634 shares during the period. Verdence Capital Advisors LLC grew its position in shares of Elme Communities by 5.7% in the 3rd quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company's stock valued at $282,000 after acquiring an additional 867 shares during the period. MQS Management LLC bought a new position in shares of Elme Communities in the 3rd quarter valued at about $478,000. Finally, KBC Group NV lifted its stake in shares of Elme Communities by 51.8% during the 3rd quarter. KBC Group NV now owns 4,526 shares of the company's stock worth $80,000 after buying an additional 1,544 shares during the last quarter. 87.88% of the stock is currently owned by institutional investors and hedge funds.

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.