Elme Communities (NYSE:ELME) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of Elme Communities (NYSE:ELME) by 4.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 414,872 shares of the company’s stock after selling 19,232 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of Elme Communities worth $7,298,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Louisiana State Employees Retirement System boosted its stake in Elme Communities by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 44,300 shares of the company’s stock valued at $706,000 after purchasing an additional 800 shares in the last quarter. Van ECK Associates Corp grew its holdings in Elme Communities by 6.8% during the second quarter. Van ECK Associates Corp now owns 13,465 shares of the company’s stock worth $214,000 after acquiring an additional 858 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Elme Communities by 35.0% in 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. EverSource Wealth Advisors LLC lifted its holdings in Elme Communities by 162.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company’s stock valued at $27,000 after acquiring an additional 1,100 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Elme Communities by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 17,722 shares of the company’s stock valued at $247,000 after purchasing an additional 1,218 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

Elme Communities Stock Down 0.9 %

ELME stock opened at $15.81 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market capitalization of $1.39 billion, a P/E ratio of -105.40 and a beta of 0.89. Elme Communities has a 52-week low of $12.74 and a 52-week high of $18.49. The company’s 50 day simple moving average is $17.23 and its 200-day simple moving average is $16.58.

Elme Communities (NYSE:ELME) last released its earnings results on Monday, November 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27). Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The business had revenue of $61.06 million during the quarter, compared to analysts’ expectations of $60.31 million. During the same quarter in the previous year, the company earned $0.24 EPS. Elme Communities’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities research analysts anticipate that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.55%. Elme Communities’s dividend payout ratio is -480.00%.

Analysts Set New Price Targets

Several analysts recently commented on ELME shares. Wells Fargo & Company increased their target price on shares of Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. Wolfe Research began coverage on Elme Communities in a research note on Monday, October 21st. They set a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. boosted their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research 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.