Elme Communities (NYSE:ELME) Research Coverage Started at Wolfe Research

Wolfe Research initiated coverage on shares of Elme Communities (NYSE:ELME) in a research report released on Monday morning, MarketBeat reports. The firm issued a peer perform rating on the stock.

ELME has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Wells Fargo & Company lifted their price target on Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a report on Friday, September 13th.

Elme Communities Stock Performance

ELME opened at $17.41 on Monday. Elme Communities has a 1-year low of $12.44 and a 1-year high of $18.49. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.55 and a quick ratio of 0.55. The business has a 50 day moving average price of $17.42 and a two-hundred day moving average price of $16.31. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -28.54 and a beta of 0.90.

Elme Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.14%. Elme Communities’s dividend payout ratio is currently -118.03%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELME. Thornburg Investment Management Inc. raised its position in Elme Communities by 4.2% in the 1st quarter. Thornburg Investment Management Inc. now owns 2,455,668 shares of the company’s stock valued at $34,183,000 after purchasing an additional 100,000 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Elme Communities by 1.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,186,343 shares of the company’s stock worth $30,434,000 after acquiring an additional 28,717 shares during the last quarter. William Blair Investment Management LLC boosted its holdings 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 valued at $27,144,000 after acquiring an additional 281,199 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Elme Communities by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,259,876 shares of the company’s stock worth $20,069,000 after buying an additional 17,387 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Elme Communities by 7.1% in the second quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company’s stock valued at $16,508,000 after buying an additional 69,014 shares during the period. Institutional investors own 87.88% of the company’s stock.

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.