DekaBank Deutsche Girozentrale Reduces Stake in Elme Communities (NYSE:ELME)

DekaBank Deutsche Girozentrale lowered its stake in Elme Communities (NYSE:ELME) by 11.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,061 shares of the company’s stock after selling 2,477 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Elme Communities were worth $310,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in shares of Elme Communities by 10.0% in the second quarter. American Century Companies Inc. now owns 29,681 shares of the company’s stock worth $473,000 after buying an additional 2,696 shares in the last quarter. Custom Index Systems LLC bought a new stake in Elme Communities during the 2nd quarter worth approximately $245,000. Archer Investment Corp lifted its stake in Elme Communities by 308.2% in the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company’s stock worth $28,000 after purchasing an additional 1,350 shares in the last quarter. Wolverine Asset Management LLC boosted its holdings in Elme Communities by 17.3% in the 2nd quarter. Wolverine Asset Management LLC now owns 187,313 shares of the company’s stock valued at $2,984,000 after purchasing an additional 27,685 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Elme Communities by 6.8% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Elme Communities Stock Performance

Elme Communities stock opened at $17.79 on Friday. Elme Communities has a fifty-two week low of $12.44 and a fifty-two week high of $18.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market cap of $1.57 billion, a P/E ratio of -29.16 and a beta of 0.90. The firm’s fifty day moving average price is $17.17 and its 200-day moving average price is $15.70.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.05%. Elme Communities’s payout ratio is -118.03%.

Analysts Set New Price Targets

ELME has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective on Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. JPMorgan Chase & Co. raised their price target on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, September 16th.

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.