Elme Communities (NYSE:ELME) Coverage Initiated at Wolfe Research

Wolfe Research assumed coverage on shares of Elme Communities (NYSE:ELME - Free Report) in a research note issued to investors on Monday morning, Marketbeat reports. The brokerage issued a peer perform rating on the stock.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. upped their price target on Elme Communities from $17.00 to $19.00 and gave the stock an "overweight" rating in a report on Monday, September 16th. Wells Fargo & Company upped their price target on Elme Communities from $14.00 to $17.00 and gave the stock an "equal weight" rating in a report on Friday, September 13th.

Elme Communities Stock Performance

Elme Communities stock traded down $0.14 during trading hours on Monday, reaching $16.91. 541,141 shares of the company were exchanged, compared to its average volume of 588,809. Elme Communities has a 12 month low of $12.44 and a 12 month high of $18.49. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -27.27 and a beta of 0.90. The stock has a 50-day moving average of $17.41 and a 200 day moving average of $16.28. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.61.

Elme Communities Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in shares of Elme Communities by 1.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,124,355 shares of the company's stock valued at $37,367,000 after purchasing an additional 20,555 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Elme Communities by 888.4% in the third quarter. Blue Trust Inc. now owns 10,675 shares of the company's stock valued at $188,000 after purchasing an additional 9,595 shares in the last quarter. Inspire Investing LLC raised its stake in shares of Elme Communities by 5.9% in the third quarter. Inspire Investing LLC now owns 23,419 shares of the company's stock valued at $412,000 after purchasing an additional 1,300 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Elme Communities in the third quarter valued at $599,000. Finally, Susquehanna Fundamental Investments LLC raised its stake in shares of Elme Communities by 37.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 175,037 shares of the company's stock valued at $2,788,000 after purchasing an additional 47,859 shares in the last quarter. 87.88% of the stock is currently owned by institutional investors and hedge funds.

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.