Geode Capital Management LLC Acquires 12,999 Shares of Elme Communities (NYSE:ELME)

Geode Capital Management LLC grew its holdings in Elme Communities (NYSE:ELME) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,234,902 shares of the company’s stock after purchasing an additional 12,999 shares during the period. Geode Capital Management LLC owned about 2.54% of Elme Communities worth $39,319,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Renaissance Technologies LLC increased its holdings in Elme Communities by 7.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company’s stock worth $16,508,000 after buying an additional 69,014 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Elme Communities in the third quarter worth approximately $975,000. Jane Street Group LLC raised its holdings in shares of Elme Communities by 50.8% during the third quarter. Jane Street Group LLC now owns 169,361 shares of the company’s stock valued at $2,979,000 after purchasing an additional 57,038 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Elme Communities by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,719,212 shares of the company’s stock valued at $30,241,000 after purchasing an additional 53,505 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in Elme Communities in the third quarter worth approximately $541,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ELME shares. Wells Fargo & Company boosted 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 initiated coverage on Elme Communities in a research report on Monday, October 21st. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. lowered shares of Elme Communities from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $19.00 to $18.00 in a research report on Tuesday, December 17th.

Elme Communities Stock Performance

NYSE:ELME opened at $15.05 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a 50-day simple moving average of $16.58 and a two-hundred day simple moving average of $16.67. The firm has a market capitalization of $1.32 billion, a PE ratio of -100.33 and a beta of 0.89. Elme Communities has a 52-week low of $12.74 and a 52-week high of $18.49.

Elme Communities (NYSE:ELME) last announced its quarterly earnings data 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). The company had revenue of $61.06 million for the quarter, compared to the consensus estimate of $60.31 million. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 earnings per share. Analysts forecast that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Thursday, December 19th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date is Thursday, December 19th. Elme Communities’s dividend payout ratio (DPR) is -480.00%.

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.