Wolverine Asset Management LLC Sells 82,155 Shares of Elme Communities (NYSE:ELME)

Wolverine Asset Management LLC reduced its holdings in Elme Communities (NYSE:ELME) by 80.6% in the 4th quarter, Holdings Channel reports. The fund owned 19,755 shares of the company’s stock after selling 82,155 shares during the quarter. Wolverine Asset Management LLC’s holdings in Elme Communities were worth $302,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ELME. Verdence Capital Advisors LLC grew its position in shares of Elme Communities by 5.7% in the 3rd 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 during the period. Hunter Perkins Capital Management LLC boosted its holdings in shares of Elme Communities by 3.9% in the fourth quarter. Hunter Perkins Capital Management LLC now owns 23,215 shares of the company’s stock valued at $354,000 after buying an additional 875 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Elme Communities by 35.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after acquiring an additional 885 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of 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 worth $2,239,000 after acquiring an additional 954 shares during the period. Finally, M&T Bank Corp lifted its position in Elme Communities by 9.5% in the 3rd quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock valued at $203,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 87.88% of the company’s stock.

Wall Street Analyst Weigh In

ELME has been the subject of a number of research reports. Truist Financial upgraded Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company lifted their target price on Elme Communities from $17.00 to $19.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, 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 research note on Tuesday, December 17th.

Elme Communities Stock Performance

ELME opened at $17.11 on Monday. The business’s 50-day simple moving average is $15.30 and its 200 day simple moving average is $16.48. Elme Communities has a 52-week low of $12.74 and a 52-week high of $18.49. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.55 and a current ratio of 0.58. The firm has a market capitalization of $1.51 billion, a PE ratio of -122.18 and a beta of 0.91.

Elme Communities (NYSE:ELME) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.26. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. As a group, sell-side analysts expect that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Wednesday, March 19th. Elme Communities’s dividend payout ratio is currently -514.29%.

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.