Elme Communities (NYSE:ELME) Sets New 1-Year High at $18.47

Elme Communities (NYSE:ELME)’s share price reached a new 52-week high on Wednesday . The company traded as high as $18.47 and last traded at $18.25, with a volume of 263913 shares. The stock had previously closed at $18.14.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. increased their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday.

Elme Communities Stock Down 0.2 %

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 stock has a market cap of $1.59 billion, a P/E ratio of -29.71 and a beta of 0.90. The company’s 50 day moving average price is $17.04 and its two-hundred day moving average price is $15.63.

Elme Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Thursday, September 19th. Elme Communities’s dividend payout ratio (DPR) is presently -118.03%.

Hedge Funds Weigh In On Elme Communities

Hedge funds and other institutional investors have recently made changes to their positions in the company. Centersquare Investment Management LLC raised its holdings in shares of Elme Communities by 5.9% in the 4th quarter. Centersquare Investment Management LLC now owns 1,605,919 shares of the company’s stock valued at $23,446,000 after purchasing an additional 89,197 shares in the last quarter. HGI Capital Management LLC purchased a new position in Elme Communities during the fourth quarter valued at approximately $3,289,000. Lighthouse Investment Partners LLC bought a new position in Elme Communities in the fourth quarter worth approximately $3,942,000. Cbre Investment Management Listed Real Assets LLC raised its stake in Elme Communities by 520.8% in the fourth 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 in the last quarter. Finally, GAMMA Investing LLC boosted its position in Elme Communities by 149.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock valued at $46,000 after acquiring an additional 1,725 shares in the last quarter. Institutional investors 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.