Elme Communities (NYSE:ELME) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its stake in shares of Elme Communities (NYSE:ELME) by 3.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 74,951 shares of the company’s stock after purchasing an additional 2,257 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.09% of Elme Communities worth $1,194,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. V3 Capital Management L.P. purchased a new position in Elme Communities during the first quarter worth approximately $13,738,000. DigitalBridge Group Inc. purchased a new stake in Elme Communities in the 2nd quarter worth $8,132,000. Hunter Perkins Capital Management LLC raised its position in Elme Communities by 990.8% during the second quarter. Hunter Perkins Capital Management LLC now owns 325,865 shares of the company’s stock worth $5,224,000 after acquiring an additional 295,990 shares during the period. William Blair Investment Management LLC lifted its holdings in Elme Communities by 16.9% during the first quarter. William Blair Investment Management LLC now owns 1,950,033 shares of the company’s stock valued at $27,144,000 after purchasing an additional 281,199 shares in the last quarter. Finally, Anson Funds Management LP acquired a new stake in shares of Elme Communities in the first quarter valued at about $2,233,000. 87.88% of the stock is owned by institutional investors and hedge funds.

Elme Communities Stock Performance

ELME opened at $16.82 on Friday. Elme Communities has a twelve month low of $12.44 and a twelve month high of $18.49. The firm has a market capitalization of $1.48 billion, a PE ratio of -27.13 and a beta of 0.90. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average price is $17.41 and its 200 day moving average price is $16.13.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date was Thursday, September 19th. Elme Communities’s dividend payout ratio (DPR) is currently -116.13%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ELME shares. Wells Fargo & Company upped their price target on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. JPMorgan Chase & Co. raised their target price on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, September 16th.

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.