Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Elme Communities (NYSE:ELME)

Connor Clark & Lunn Investment Management Ltd. bought a new position in Elme Communities (NYSE:ELME) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 55,444 shares of the company’s stock, valued at approximately $975,000. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Elme Communities at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ELME. CANADA LIFE ASSURANCE Co grew its position in Elme Communities by 2.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 177,917 shares of the company’s stock worth $2,476,000 after purchasing an additional 3,678 shares during the period. Quadrature Capital Ltd bought a new stake in Elme Communities in the 1st quarter worth approximately $167,000. Price T Rowe Associates Inc. MD grew its position in Elme Communities by 6.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 54,540 shares of the company’s stock worth $760,000 after purchasing an additional 3,152 shares during the period. Bayesian Capital Management LP grew its position in Elme Communities by 83.8% in the 1st quarter. Bayesian Capital Management LP now owns 20,839 shares of the company’s stock worth $290,000 after purchasing an additional 9,500 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its position in Elme Communities by 14.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 22,538 shares of the company’s stock worth $304,000 after purchasing an additional 2,831 shares during the period. Institutional investors own 87.88% of the company’s stock.

Elme Communities Stock Up 1.6 %

Shares of ELME stock opened at $16.95 on Thursday. The stock has a market cap of $1.49 billion, a P/E ratio of -112.99 and a beta of 0.89. Elme Communities has a 52 week low of $12.74 and a 52 week high of $18.49. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.63. The company’s fifty day simple moving average is $17.04 and its two-hundred day simple moving average is $16.60.

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). The business had revenue of $61.06 million for the quarter, compared to analysts’ expectations of $60.31 million. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.24 earnings per share. Analysts predict that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The company also recently disclosed 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. This represents a $0.72 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Thursday, December 19th. Elme Communities’s payout ratio is currently -479.97%.

Wall Street Analyst Weigh In

ELME has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. JPMorgan Chase & Co. boosted their price objective on shares of Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, Wolfe Research initiated coverage on shares of Elme Communities in a research report on Monday, October 21st. They set a “peer perform” rating for the company.

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.