Geode Capital Management LLC Boosts Stock Holdings in Elme Communities (NYSE:ELME)

Geode Capital Management LLC boosted its stake in Elme Communities (NYSE:ELME) by 0.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,234,902 shares of the company’s stock after purchasing an additional 12,999 shares during the quarter. Geode Capital Management LLC’s holdings in Elme Communities were worth $39,319,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Louisiana State Employees Retirement System lifted its position in shares of Elme Communities by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 44,300 shares of the company’s stock worth $706,000 after buying an additional 800 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Elme Communities by 6.8% during the 2nd quarter. Van ECK Associates Corp now owns 13,465 shares of the company’s stock valued at $214,000 after acquiring an additional 858 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Elme Communities by 5.7% in the third quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company’s stock valued at $282,000 after purchasing an additional 867 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Elme Communities by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after purchasing an additional 885 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Elme Communities by 0.8% during the third quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company’s stock valued at $2,239,000 after purchasing an additional 954 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on ELME shares. Wells Fargo & Company lifted 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. Wolfe Research began coverage on Elme Communities in a research note on Monday, October 21st. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. lowered Elme Communities from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $18.00 in a research note on Tuesday, December 17th.

Elme Communities Trading Up 0.7 %

Shares of ELME opened at $15.05 on Wednesday. Elme Communities has a twelve month low of $12.74 and a twelve month high of $18.49. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63. The company’s fifty day simple moving average is $16.58 and its 200-day simple moving average is $16.67. The company has a market cap of $1.32 billion, a P/E ratio of -100.33 and a beta of 0.89.

Elme Communities (NYSE:ELME) last announced its earnings results on Monday, November 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.27). Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The business had revenue of $61.06 million for the quarter, compared to analysts’ expectations of $60.31 million. During the same quarter last year, the firm earned $0.24 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, analysts expect that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Thursday, December 19th will be paid a $0.18 dividend. The ex-dividend date is Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.78%. Elme Communities’s payout ratio is -480.00%.

Elme Communities 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.