Commonwealth Equity Services LLC Trims Stake in Elme Communities (NYSE:ELME)

Commonwealth Equity Services LLC lessened its stake in Elme Communities (NYSE:ELME) by 7.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,950 shares of the company’s stock after selling 1,618 shares during the period. Commonwealth Equity Services LLC’s holdings in Elme Communities were worth $334,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Thornburg Investment Management Inc. increased its position in shares of Elme Communities by 4.2% in the first quarter. Thornburg Investment Management Inc. now owns 2,455,668 shares of the company’s stock valued at $34,183,000 after buying an additional 100,000 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Elme Communities by 1.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,186,343 shares of the company’s stock worth $30,434,000 after acquiring an additional 28,717 shares during the period. William Blair Investment Management LLC lifted its holdings in Elme Communities by 16.9% during the first quarter. William Blair Investment Management LLC now owns 1,950,033 shares of the company’s stock valued at $27,144,000 after purchasing an additional 281,199 shares in the last quarter. Centersquare Investment Management LLC grew its position in shares of Elme Communities by 5.9% in the fourth quarter. Centersquare Investment Management LLC now owns 1,605,919 shares of the company’s stock valued at $23,446,000 after purchasing an additional 89,197 shares during the period. Finally, V3 Capital Management L.P. purchased a new stake in shares of Elme Communities during the first quarter worth about $13,738,000. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Stock Up 1.1 %

Shares of ELME opened at $17.99 on Tuesday. The company’s 50-day simple moving average is $17.22 and its 200-day simple moving average is $15.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.55 and a current ratio of 0.55. Elme Communities has a 1 year low of $12.44 and a 1 year high of $18.49. The stock has a market capitalization of $1.58 billion, a PE ratio of -29.49 and a beta of 0.90.

Elme Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 19th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.00%. Elme Communities’s dividend payout ratio is currently -118.03%.

Analyst Upgrades and Downgrades

Several analysts recently commented on ELME shares. Wells Fargo & Company boosted their price target 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. upped their target price on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, September 16th.

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.