Wolverine Asset Management LLC Lowers Stock Position in Elme Communities (NYSE:ELME)

Wolverine Asset Management LLC reduced its stake in Elme Communities (NYSE:ELME - Free Report) by 45.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,910 shares of the company's stock after selling 85,403 shares during the period. Wolverine Asset Management LLC owned 0.12% of Elme Communities worth $1,793,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in Elme Communities by 162.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company's stock valued at $27,000 after acquiring an additional 1,100 shares during the last quarter. Archer Investment Corp boosted its holdings in shares of Elme Communities by 308.2% in the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company's stock valued at $28,000 after acquiring an additional 1,350 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Elme Communities by 438.1% during the second quarter. Fifth Third Bancorp now owns 1,835 shares of the company's stock worth $29,000 after buying an additional 1,494 shares in the last quarter. GAMMA Investing LLC raised its position in Elme Communities by 149.2% during the second quarter. GAMMA Investing LLC now owns 2,881 shares of the company's stock worth $46,000 after acquiring an additional 1,725 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Elme Communities by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company's stock valued at $60,000 after buying an additional 885 shares during the last quarter. Institutional investors own 87.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Elme Communities from $17.00 to $19.00 and gave the stock an "overweight" rating in a report on Monday, September 16th. Wolfe Research began coverage on shares of Elme Communities in a research report on Monday, October 21st. They issued a "peer perform" rating for the company. Finally, Wells Fargo & Company raised their target price on Elme Communities from $14.00 to $17.00 and gave the company an "equal weight" rating in a research note on Friday, September 13th.

Elme Communities Price Performance

NYSE:ELME traded down $0.33 during trading hours on Tuesday, reaching $17.23. The company had a trading volume of 535,574 shares, compared to its average volume of 584,093. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.63. Elme Communities has a one year low of $12.74 and a one year high of $18.49. The firm has a market capitalization of $1.52 billion, a PE ratio of -117.07 and a beta of 0.89. The stock has a 50-day moving average of $17.37 and a two-hundred day moving average of $16.52.

Elme Communities (NYSE:ELME - Get Free Report) last released 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). Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The company had revenue of $61.06 million for the quarter, compared to the consensus estimate of $60.31 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business's revenue was up 7.8% compared to the same quarter last year. Analysts forecast that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend is Thursday, December 19th. Elme Communities's payout ratio is currently -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.