Elme Communities (NYSE:ELME) Shares Gap Up After Earnings Beat

Elme Communities (NYSE:ELME)’s stock price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $15.49, but opened at $17.30. Elme Communities shares last traded at $17.26, with a volume of 627,605 shares.

The company reported $0.23 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.26. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.17%. Elme Communities’s dividend payout ratio is currently -479.97%.

Analysts Set New Price Targets

ELME has been the subject of several recent analyst reports. Wolfe Research initiated coverage on Elme Communities in a report on Monday, October 21st. They set a “peer perform” rating for the company. Truist Financial raised shares of Elme Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. downgraded shares of Elme Communities from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $18.00 in a report on Tuesday, December 17th.

Institutional Investors Weigh In On Elme Communities

A number of hedge funds and other institutional investors have recently modified their holdings of ELME. Inspire Investing LLC increased its stake in Elme Communities by 5.9% in the 3rd quarter. Inspire Investing LLC now owns 23,419 shares of the company’s stock worth $412,000 after purchasing an additional 1,300 shares during the period. Blue Trust Inc. increased its stake in shares of Elme Communities by 888.4% in the third quarter. Blue Trust Inc. now owns 10,675 shares of the company’s stock worth $188,000 after buying an additional 9,595 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Elme Communities by 1.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,124,355 shares of the company’s stock valued at $37,367,000 after buying an additional 20,555 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 valued at $60,000 after buying an additional 885 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in Elme Communities by 12.3% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 22,538 shares of the company’s stock worth $387,000 after acquiring an additional 2,477 shares during the last quarter. Institutional investors own 87.88% of the company’s stock.

Elme Communities Price Performance

The stock has a market cap of $1.52 billion, a PE ratio of -115.21 and a beta of 0.91. The business’s 50-day simple moving average is $15.25 and its 200-day simple moving average is $16.47. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.63.

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.