JPMorgan Chase & Co. Decreases Holdings in Elme Communities (NYSE:ELME)

JPMorgan Chase & Co. reduced its position in Elme Communities (NYSE:ELME) by 9.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 413,399 shares of the company’s stock after selling 41,362 shares during the quarter. JPMorgan Chase & Co.’s holdings in Elme Communities were worth $7,272,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in ELME. Jane Street Group LLC boosted its position in shares of Elme Communities by 50.8% in the 3rd quarter. Jane Street Group LLC now owns 169,361 shares of the company’s stock worth $2,979,000 after purchasing an additional 57,038 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Elme Communities during the 3rd quarter valued at about $975,000. Renaissance Technologies LLC raised its stake 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 last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Elme Communities by 3.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,719,212 shares of the company’s stock worth $30,241,000 after acquiring an additional 53,505 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Elme Communities by 64.9% during the third quarter. Barclays PLC now owns 177,438 shares of the company’s stock worth $3,121,000 after acquiring an additional 69,835 shares during the last quarter. 87.88% of the stock is owned by institutional investors and hedge funds.

Elme Communities Stock Up 1.8 %

Shares of ELME stock opened at $14.74 on Wednesday. The stock’s 50-day simple moving average is $15.93 and its 200-day simple moving average is $16.61. The firm has a market capitalization of $1.30 billion, a PE ratio of -98.26 and a beta of 0.90. Elme Communities has a fifty-two week low of $12.74 and a fifty-two week high of $18.49. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.55 and a current ratio of 0.55.

Elme Communities (NYSE:ELME) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.03) 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 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%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Equities analysts expect that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Thursday, December 19th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.88%. Elme Communities’s payout ratio is currently -480.00%.

Wall Street Analyst Weigh In

ELME has been the subject of several research analyst reports. Wolfe Research started coverage on shares of Elme Communities in a research report on Monday, October 21st. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. cut shares of Elme Communities from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $18.00 in a report on Tuesday, December 17th.

Elme Communities Company 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.