JPMorgan Chase & Co. Has $7.27 Million Stock Holdings in Elme Communities (NYSE:ELME)

JPMorgan Chase & Co. decreased its stake in Elme Communities (NYSE:ELME - Free Report) by 9.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 413,399 shares of the company's stock after selling 41,362 shares during the period. JPMorgan Chase & Co. owned 0.47% of Elme Communities worth $7,272,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ELME. American Century Companies Inc. raised its position in shares of Elme Communities by 10.0% in the second quarter. American Century Companies Inc. now owns 29,681 shares of the company's stock valued at $473,000 after purchasing an additional 2,696 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Elme Communities by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,259,876 shares of the company's stock valued at $20,069,000 after purchasing an additional 17,387 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Elme Communities by 7.1% in the second quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company's stock valued at $16,508,000 after purchasing an additional 69,014 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Elme Communities by 6.2% during the 2nd quarter. Hsbc Holdings PLC now owns 75,121 shares of the company's stock worth $1,194,000 after purchasing an additional 4,372 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in Elme Communities by 6.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 193,643 shares of the company's stock valued at $3,085,000 after buying an additional 11,372 shares in the last quarter. Institutional investors and hedge funds own 87.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ELME shares. JPMorgan Chase & Co. lowered Elme Communities from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $19.00 to $18.00 in a research note on Tuesday, December 17th. Wolfe Research assumed coverage on shares of Elme Communities in a research report on Monday, October 21st. They set a "peer perform" rating for the company.

Elme Communities Stock Performance

Elme Communities stock remained flat at $14.73 during midday trading on Wednesday. The company's stock had a trading volume of 282,196 shares, compared to its average volume of 543,244. The firm has a market cap of $1.30 billion, a PE ratio of -98.19 and a beta of 0.90. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63. Elme Communities has a 1 year low of $12.74 and a 1 year high of $18.49. The firm's 50 day moving average is $15.93 and its 200-day moving average is $16.61.

Elme Communities (NYSE:ELME - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.24 by ($0.27). The company had revenue of $61.06 million during the quarter, compared to analyst estimates of $60.31 million. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The business's quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 EPS. As a group, research analysts predict that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Thursday, December 19th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend was Thursday, December 19th. Elme Communities's payout ratio is -480.00%.

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.