State Street Corp Sells 11,020 Shares of Elme Communities (NYSE:ELME)

State Street Corp reduced its holdings in Elme Communities (NYSE:ELME) by 0.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,127,444 shares of the company’s stock after selling 11,020 shares during the period. State Street Corp owned approximately 0.06% of Elme Communities worth $91,107,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ELME. Fifth Third Bancorp increased its position in Elme Communities by 438.1% in the 2nd quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock worth $29,000 after buying an additional 1,494 shares during the period. Louisiana State Employees Retirement System increased its position in Elme Communities by 1.8% in the 2nd 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 during the period. Bank of New York Mellon Corp increased its position in shares of Elme Communities by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 811,421 shares of the company’s stock valued at $12,926,000 after purchasing an additional 11,802 shares during the period. LDR Capital Management LLC bought a new stake in shares of Elme Communities during the second quarter valued at approximately $367,000. Finally, Van ECK Associates Corp increased its position in shares of Elme Communities by 6.8% during the second quarter. Van ECK Associates Corp now owns 13,465 shares of the company’s stock valued at $214,000 after purchasing an additional 858 shares during the period. 87.88% of the stock is owned by institutional investors.

Elme Communities Price Performance

Shares of ELME stock opened at $16.35 on Tuesday. The stock’s fifty day simple moving average is $16.77 and its 200 day simple moving average is $16.69. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -108.96 and a beta of 0.89. Elme Communities has a one year low of $12.74 and a one year high of $18.49.

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

Elme Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Thursday, December 19th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.41%. The ex-dividend date is Thursday, December 19th. Elme Communities’s dividend payout ratio is -479.97%.

Analysts Set New Price Targets

ELME has been the topic of a number of research reports. Wells Fargo & Company boosted their price objective on 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 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 Elme Communities in a research report on Monday, October 21st. They set a “peer perform” rating on the stock.

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.