Short Interest in Elme Communities (NYSE:ELME) Drops By 17.3%

Elme Communities (NYSE:ELME - Get Free Report) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 2,050,000 shares, a decrease of 17.3% from the March 15th total of 2,480,000 shares. Currently, 2.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 677,600 shares, the days-to-cover ratio is presently 3.0 days.

Analysts Set New Price Targets

ELME has been the subject of a number of research reports. Truist Financial raised shares of Elme Communities from a "hold" rating to a "buy" rating in a report on Friday, January 17th. Wells Fargo & Company upped their price target 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.

Elme Communities Trading Up 0.5 %

Shares of ELME traded up $0.08 during trading hours on Thursday, reaching $15.62. The stock had a trading volume of 662,930 shares, compared to its average volume of 580,485. Elme Communities has a 52 week low of $13.95 and a 52 week high of $18.49. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 0.65. The company has a market cap of $1.38 billion, a P/E ratio of -111.57 and a beta of 0.84. The firm has a 50-day moving average of $16.56 and a 200 day moving average of $16.19.

Elme Communities (NYSE:ELME - Get Free Report) last released 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 return on equity of 1.18% and a negative net margin of 5.42%. On average, sell-side analysts expect that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Investors of record on Wednesday, March 19th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date was Wednesday, March 19th. Elme Communities's dividend payout ratio is presently -514.29%.

Institutional Trading of Elme Communities

A number of institutional investors have recently made changes to their positions in ELME. Sterling Capital Management LLC boosted its stake in shares of Elme Communities by 817.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,818 shares of the company's stock worth $43,000 after buying an additional 2,511 shares during the last quarter. Metis Global Partners LLC bought a new position in Elme Communities in the fourth quarter valued at approximately $154,000. NewEdge Advisors LLC grew its stake in Elme Communities by 6,041.7% in the fourth quarter. NewEdge Advisors LLC now owns 10,748 shares of the company's stock valued at $164,000 after purchasing an additional 10,573 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in shares of Elme Communities during the 4th quarter worth approximately $171,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of Elme Communities during the 4th quarter worth approximately $180,000. 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.