Elme Communities (NYSE:ELME) Shares Gap Down - What's Next?

Elme Communities (NYSE:ELME - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $17.05, but opened at $16.70. Elme Communities shares last traded at $16.67, with a volume of 155,036 shares.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ELME shares. Wells Fargo & Company raised their price objective on shares of Elme Communities from $14.00 to $17.00 and gave the stock an "equal weight" rating in a report on Friday, September 13th. JPMorgan Chase & Co. increased their target price on Elme Communities from $17.00 to $19.00 and gave the stock an "overweight" rating in a report on Monday, September 16th. Finally, Wolfe Research started coverage on Elme Communities in a research note on Monday. They issued a "peer perform" rating for the company.

Elme Communities Trading Down 0.9 %

The business's fifty day moving average is $17.42 and its two-hundred day moving average is $16.26. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.61. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -27.50 and a beta of 0.90.

Elme Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $0.72 annualized dividend and a yield of 4.26%. Elme Communities's dividend payout ratio is currently -116.13%.

Institutional Trading of Elme Communities

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC increased its position in shares of Elme Communities by 7.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company's stock valued at $16,508,000 after buying an additional 69,014 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Elme Communities by 149.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,881 shares of the company's stock valued at $46,000 after buying an additional 1,725 shares during the last quarter. TCW Group Inc. grew its position in shares of Elme Communities by 123.8% in the 2nd quarter. TCW Group Inc. now owns 123,104 shares of the company's stock valued at $1,961,000 after acquiring an additional 68,103 shares during the period. ProShare Advisors LLC lifted its stake in Elme Communities by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 17,722 shares of the company's stock valued at $247,000 after purchasing an additional 1,218 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Elme Communities by 6.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 54,540 shares of the company's stock worth $760,000 after purchasing an additional 3,152 shares during the period. 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.