PNC Financial Services Group Inc. Acquires 1,110 Shares of Elme Communities (NYSE:ELME)

PNC Financial Services Group Inc. grew its stake in shares of Elme Communities (NYSE:ELME) by 9.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,995 shares of the company’s stock after buying an additional 1,110 shares during the period. PNC Financial Services Group Inc.’s holdings in Elme Communities were worth $190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of ELME. Cbre Investment Management Listed Real Assets LLC increased its holdings in Elme Communities by 520.8% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 463,942 shares of the company’s stock valued at $6,774,000 after acquiring an additional 389,207 shares during the last quarter. Lighthouse Investment Partners LLC purchased a new position in shares of Elme Communities during the fourth quarter valued at about $3,942,000. HGI Capital Management LLC bought a new stake in shares of Elme Communities in the fourth quarter worth about $3,289,000. Qube Research & Technologies Ltd lifted its position in shares of Elme Communities by 486.0% in the third quarter. Qube Research & Technologies Ltd now owns 181,428 shares of the company’s stock worth $2,475,000 after buying an additional 150,470 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new position in Elme Communities during the third quarter valued at approximately $1,228,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Truist Financial lifted their price objective on Elme Communities from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday, May 15th.

Elme Communities Stock Up 0.5 %

Shares of NYSE ELME opened at $15.68 on Wednesday. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.60. Elme Communities has a 12-month low of $12.44 and a 12-month high of $17.19. The firm’s 50-day moving average price is $15.51 and its 200-day moving average price is $14.62. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -25.70 and a beta of 0.89.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 3rd. Stockholders of record on Thursday, June 20th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.59%. The ex-dividend date of this dividend is Thursday, June 20th. Elme Communities’s payout ratio is -118.03%.

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.