Elme Communities (NYSE:ELME) Price Target Raised to $17.00

Elme Communities (NYSE:ELME) had its target price upped by stock analysts at Wells Fargo & Company from $14.00 to $17.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 6.90% from the company’s current price.

Elme Communities Stock Performance

ELME opened at $18.26 on Friday. Elme Communities has a 52-week low of $12.44 and a 52-week high of $18.27. 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 company has a market cap of $1.61 billion, a P/E ratio of -29.93 and a beta of 0.90. The firm’s 50-day moving average price is $16.93 and its 200-day moving average price is $15.52.

Hedge Funds Weigh In On Elme Communities

Several hedge funds and other institutional investors have recently bought and sold shares of ELME. V3 Capital Management L.P. acquired a new position in Elme Communities in the 1st quarter worth approximately $13,738,000. DigitalBridge Group Inc. acquired a new position in Elme Communities in the 2nd quarter worth approximately $8,132,000. Cbre Investment Management Listed Real Assets LLC increased its holdings in Elme Communities by 520.8% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 463,942 shares of the company’s stock worth $6,774,000 after buying an additional 389,207 shares during the period. Hunter Perkins Capital Management LLC increased its holdings in Elme Communities by 990.8% in the 2nd quarter. Hunter Perkins Capital Management LLC now owns 325,865 shares of the company’s stock worth $5,224,000 after buying an additional 295,990 shares during the period. Finally, William Blair Investment Management LLC increased its holdings in Elme Communities by 16.9% in the 1st quarter. William Blair Investment Management LLC now owns 1,950,033 shares of the company’s stock worth $27,144,000 after buying an additional 281,199 shares during the period. Institutional investors and hedge funds 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.