Short Interest in Elme Communities (NYSE:ELME) Decreases By 5.4%

Elme Communities (NYSE:ELME) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 1,390,000 shares, a decrease of 5.4% from the September 15th total of 1,470,000 shares. Approximately 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 467,900 shares, the short-interest ratio is currently 3.0 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price 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. Wells Fargo & Company increased their target price on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, September 13th.

Hedge Funds Weigh In On Elme Communities

A number of institutional investors have recently bought and sold shares of ELME. V3 Capital Management L.P. bought a new position in Elme Communities in the first quarter worth about $13,738,000. DigitalBridge Group Inc. bought a new position in Elme Communities in the second quarter worth about $8,132,000. Hunter Perkins Capital Management LLC raised its stake in Elme Communities by 990.8% in the second 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 in the last quarter. William Blair Investment Management LLC raised its stake in Elme Communities by 16.9% in the first 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 in the last quarter. Finally, Anson Funds Management LP bought a new position in shares of Elme Communities during the first quarter valued at approximately $2,233,000. 87.88% of the stock is owned by institutional investors.

Elme Communities Stock Performance

Elme Communities stock opened at $17.25 on Thursday. 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 has a 50-day moving average of $17.41 and a 200-day moving average of $16.18. The firm has a market cap of $1.52 billion, a P/E ratio of -27.81 and a beta of 0.90. Elme Communities has a 1-year low of $12.44 and a 1-year high of $18.49.

Elme Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 19th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date was Thursday, September 19th. Elme Communities’s payout ratio is currently -116.13%.

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.