Elme Communities (NYSE:ELME) Position Reduced by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in shares of Elme Communities (NYSE:ELME) by 5.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 70,788 shares of the company’s stock after selling 4,132 shares during the quarter. New York State Teachers Retirement System owned 0.08% of Elme Communities worth $1,245,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in Elme Communities by 162.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company’s stock valued at $27,000 after buying an additional 1,100 shares in the last quarter. Archer Investment Corp lifted its stake in Elme Communities by 308.2% during the second quarter. Archer Investment Corp now owns 1,788 shares of the company’s stock valued at $28,000 after buying an additional 1,350 shares in the last quarter. Fifth Third Bancorp lifted its stake in Elme Communities by 438.1% during the second quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock valued at $29,000 after buying an additional 1,494 shares in the last quarter. GAMMA Investing LLC lifted its stake in Elme Communities by 149.2% during the second quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock valued at $46,000 after buying an additional 1,725 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Elme Communities by 35.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock valued at $60,000 after buying an additional 885 shares in the last quarter. 87.88% of the stock is owned by hedge funds and other institutional investors.

Elme Communities Price Performance

Shares of ELME stock opened at $17.66 on Friday. The stock has a 50 day moving average of $17.37 and a two-hundred day moving average of $16.50. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63. Elme Communities has a 12 month low of $12.74 and a 12 month high of $18.49. The company has a market capitalization of $1.55 billion, a P/E ratio of -117.73 and a beta of 0.89.

Elme Communities (NYSE:ELME) last issued 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 return on equity of 1.17% and a negative net margin of 5.51%. The company had revenue of $61.06 million during the quarter, compared to analyst estimates of $60.31 million. During the same period in the previous year, the company posted $0.24 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, equities analysts expect that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Thursday, December 19th will be given a $0.18 dividend. The ex-dividend date is Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.08%. Elme Communities’s payout ratio is -479.97%.

Analyst Upgrades and Downgrades

ELME has been the topic of a number of research reports. Wells Fargo & Company upped their target price on Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a report on Friday, September 13th. JPMorgan Chase & Co. upped their target price on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Finally, Wolfe Research initiated coverage on Elme Communities in a report on Monday, October 21st. They issued a “peer perform” rating on the stock.

Elme Communities Company 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.