Elme Communities (NYSE:ELME) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. decreased its stake in shares of Elme Communities (NYSE:ELME - Free Report) by 42.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,296 shares of the company's stock after selling 66,495 shares during the period. Prudential Financial Inc. owned about 0.10% of Elme Communities worth $1,379,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in Elme Communities by 0.6% during the third quarter. Geode Capital Management LLC now owns 2,234,902 shares of the company's stock valued at $39,319,000 after purchasing an additional 12,999 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Elme Communities by 0.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,143,320 shares of the company's stock valued at $32,321,000 after purchasing an additional 18,965 shares during the period. William Blair Investment Management LLC raised its position in Elme Communities by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 1,934,863 shares of the company's stock worth $29,545,000 after acquiring an additional 46,755 shares during the period. Charles Schwab Investment Management Inc. raised its position in Elme Communities by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,730,227 shares of the company's stock worth $26,421,000 after acquiring an additional 11,015 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Elme Communities by 8.2% in the fourth quarter. Bank of New York Mellon Corp now owns 760,381 shares of the company's stock worth $11,611,000 after acquiring an additional 57,563 shares during the period. Institutional investors own 87.88% of the company's stock.

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Elme Communities Trading Down 1.4 %

Shares of Elme Communities stock traded down $0.21 during trading on Thursday, hitting $15.04. The stock had a trading volume of 51,163 shares, compared to its average volume of 662,576. Elme Communities has a 12 month low of $13.95 and a 12 month high of $18.49. The firm's fifty day simple moving average is $16.63 and its 200-day simple moving average is $16.33. The stock has a market cap of $1.32 billion, a PE ratio of -107.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55.

Elme Communities (NYSE:ELME - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.26. Elme Communities had a negative net margin of 5.42% and a negative return on equity of 1.18%. As a group, sell-side analysts expect that Elme Communities will post 0.94 EPS 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 paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend was Wednesday, March 19th. Elme Communities's dividend payout ratio is currently -514.29%.

Wall Street Analyst Weigh In

Several research firms have weighed in on ELME. JPMorgan Chase & Co. downgraded shares of Elme Communities from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $19.00 to $18.00 in a research report on Tuesday, December 17th. Wells Fargo & Company raised their target price on shares of Elme Communities from $17.00 to $19.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. Finally, Truist Financial raised shares of Elme Communities from a "hold" rating to a "buy" rating in a research note on Friday, January 17th.

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.