Wells Fargo & Company Increases Elme Communities (NYSE:ELME) Price Target to $19.00

Elme Communities (NYSE:ELME) had its price target upped by investment analysts at Wells Fargo & Company from $17.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 11.08% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Truist Financial raised Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. JPMorgan Chase & Co. lowered Elme Communities from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $19.00 to $18.00 in a research note on Tuesday, December 17th.

Elme Communities Stock Up 0.1 %

ELME stock opened at $17.11 on Thursday. The company has a market cap of $1.51 billion, a PE ratio of -122.18 and a beta of 0.91. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 0.65. Elme Communities has a 52 week low of $12.74 and a 52 week high of $18.49. The business has a 50-day simple moving average of $15.30 and a 200 day simple moving average of $16.49.

Elme Communities (NYSE:ELME) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.26. Elme Communities had a negative net margin of 5.42% and a negative return on equity of 1.18%. Sell-side analysts anticipate that Elme Communities will post 0.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Elme Communities

A number of hedge funds and other institutional investors have recently bought and sold shares of ELME. Verdence Capital Advisors LLC boosted its stake in shares of Elme Communities by 5.7% during the third quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company’s stock valued at $282,000 after purchasing an additional 867 shares in the last quarter. Hunter Perkins Capital Management LLC raised its holdings in Elme Communities by 3.9% in the 4th quarter. Hunter Perkins Capital Management LLC now owns 23,215 shares of the company’s stock valued at $354,000 after buying an additional 875 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Elme Communities by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after buying an additional 885 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Elme Communities by 0.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company’s stock worth $2,239,000 after acquiring an additional 954 shares during the last quarter. Finally, M&T Bank Corp increased its position in Elme Communities by 9.5% in the 3rd quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock valued at $203,000 after acquiring an additional 1,000 shares during the period. Institutional investors 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.