Elme Communities (NYSE:ELME) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Elme Communities (NYSE:ELME) from a hold rating to a buy rating in a research note issued to investors on Friday, MarketBeat reports.

Several other analysts have also recently weighed in on ELME. Wolfe Research assumed coverage on shares of Elme Communities in a research note on Monday, October 21st. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. downgraded shares of Elme Communities from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $19.00 to $18.00 in a report on Tuesday, December 17th.

Elme Communities Stock Performance

Shares of ELME opened at $14.81 on Friday. The firm’s 50-day simple moving average is $15.77 and its 200 day simple moving average is $16.58. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63. Elme Communities has a 52 week low of $12.74 and a 52 week high of $18.49.

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

Elme Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Thursday, December 19th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.86%. Elme Communities’s dividend payout ratio is currently -479.97%.

Institutional Investors Weigh In On Elme Communities

Several hedge funds have recently modified their holdings of the company. FMR LLC raised its position in Elme Communities by 3.1% in the third quarter. FMR LLC now owns 5,637,288 shares of the company’s stock valued at $99,160,000 after purchasing an additional 171,486 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Elme Communities by 0.6% in the third quarter. Geode Capital Management LLC now owns 2,234,902 shares of the company’s stock valued at $39,319,000 after buying an additional 12,999 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Elme Communities by 1.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,124,355 shares of the company’s stock valued at $37,367,000 after buying an additional 20,555 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Elme Communities by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,719,212 shares of the company’s stock worth $30,241,000 after buying an additional 53,505 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Elme Communities by 1.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,259,876 shares of the company’s stock worth $20,069,000 after acquiring an additional 17,387 shares during the last quarter. Institutional investors and hedge funds 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.