Elme Communities (NYSE:ELME) Reaches New 52-Week High – Here’s Why

Elme Communities (NYSE:ELME) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $19.99 and last traded at $17.15, with a volume of 646 shares trading hands. The stock had previously closed at $17.18.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ELME shares. Wells Fargo & Company lifted their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Truist Financial raised Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. cut shares of Elme Communities from an “overweight” rating to a “neutral” rating and cut their target price for the company from $19.00 to $18.00 in a report on Tuesday, December 17th.

Elme Communities Trading Up 0.1 %

The company has a 50 day simple moving average of $15.58 and a 200 day simple moving average of $16.49. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $1.51 billion, a PE ratio of -122.79 and a beta of 0.91.

Elme Communities (NYSE:ELME) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.23 EPS for the quarter, topping the consensus estimate 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%. Analysts predict that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Wednesday, March 19th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Wednesday, March 19th. Elme Communities’s payout ratio is -514.29%.

Institutional Investors Weigh In On Elme Communities

A number of hedge funds have recently added to or reduced their stakes in ELME. FMR LLC raised its stake in shares of Elme Communities by 3.1% during the 3rd quarter. FMR LLC now owns 5,637,288 shares of the company’s stock worth $99,160,000 after buying an additional 171,486 shares in the last quarter. Geode Capital Management LLC raised its position in Elme Communities by 0.6% in the third quarter. Geode Capital Management LLC now owns 2,234,902 shares of the company’s stock worth $39,319,000 after acquiring an additional 12,999 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Elme Communities by 0.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,143,320 shares of the company’s stock valued at $32,321,000 after acquiring an additional 18,965 shares during the period. William Blair Investment Management LLC boosted its position in shares of Elme Communities by 2.5% during the 4th quarter. William Blair Investment Management LLC now owns 1,934,863 shares of the company’s stock worth $29,545,000 after purchasing an additional 46,755 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Elme Communities by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,730,227 shares of the company’s stock worth $26,421,000 after purchasing an additional 11,015 shares during the period. 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.