Elme Communities (NYSE:ELME) Shares Gap Up Following Earnings Beat

Shares of Elme Communities (NYSE:ELME - Get Free Report) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $15.49, but opened at $17.30. Elme Communities shares last traded at $17.26, with a volume of 627,605 shares trading hands.

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 5.51% and a negative return on equity of 1.17%.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders 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 yield of 4.22%. The ex-dividend date of this dividend is Wednesday, March 19th. Elme Communities's dividend payout ratio is presently -479.97%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Elme Communities from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $19.00 to $18.00 in a research note on Tuesday, December 17th. Truist Financial upgraded shares of Elme Communities from a "hold" rating to a "buy" rating in a research report on Friday, January 17th. Finally, Wolfe Research assumed coverage on shares of Elme Communities in a report on Monday, October 21st. They issued a "peer perform" rating for the company.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Verdence Capital Advisors LLC lifted its stake in Elme Communities by 5.7% in the third quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company's stock worth $282,000 after purchasing an additional 867 shares during the last quarter. Hunter Perkins Capital Management LLC raised its holdings in shares of Elme Communities by 3.9% in the fourth quarter. Hunter Perkins Capital Management LLC now owns 23,215 shares of the company's stock worth $354,000 after buying an additional 875 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Elme Communities by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company's stock worth $60,000 after acquiring an additional 885 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Elme Communities by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company's stock valued at $2,239,000 after acquiring an additional 954 shares during the last quarter. Finally, M&T Bank Corp grew its position in Elme Communities by 9.5% in the 3rd quarter. M&T Bank Corp now owns 11,525 shares of the company's stock valued at $203,000 after acquiring an additional 1,000 shares during the last quarter. 87.88% of the stock is owned by hedge funds and other institutional investors.

Elme Communities Stock Performance

The firm has a market capitalization of $1.50 billion, a P/E ratio of -113.63 and a beta of 0.91. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a 50-day moving average price of $15.26 and a two-hundred day moving average price of $16.48.

About Elme Communities

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.