Bank of New York Mellon Corp Acquires 57,563 Shares of Elme Communities (NYSE:ELME)

Bank of New York Mellon Corp increased its holdings in shares of Elme Communities (NYSE:ELME) by 8.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 760,381 shares of the company’s stock after acquiring an additional 57,563 shares during the period. Bank of New York Mellon Corp owned about 0.86% of Elme Communities worth $11,611,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ELME. KBC Group NV grew its stake in Elme Communities by 51.8% in the 3rd quarter. KBC Group NV now owns 4,526 shares of the company’s stock worth $80,000 after acquiring an additional 1,544 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Elme Communities in the third quarter valued at approximately $86,000. M&T Bank Corp grew its stake in Elme Communities by 9.5% in the third quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after purchasing an additional 1,000 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Elme Communities during the 3rd quarter worth $211,000. Finally, Entropy Technologies LP bought a new stake in Elme Communities during the 4th quarter valued at $197,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Analyst Upgrades and Downgrades

ELME has been the topic of a number of recent research reports. JPMorgan Chase & Co. downgraded Elme Communities from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $18.00 in a research report on Tuesday, December 17th. Truist Financial raised shares of Elme Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company raised their target price on shares of Elme Communities from $17.00 to $19.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th.

Elme Communities Stock Down 0.8 %

Shares of NYSE ELME opened at $16.89 on Friday. Elme Communities has a 12-month low of $12.81 and a 12-month high of $18.49. The stock’s fifty day simple moving average is $15.83 and its two-hundred day simple moving average is $16.50. The stock has a market capitalization of $1.49 billion, a PE ratio of -120.66 and a beta of 0.86. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65.

Elme Communities (NYSE:ELME) last issued its quarterly earnings data 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 return on equity of 1.18% and a negative net margin of 5.42%. As a group, analysts expect that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Investors of record on Wednesday, March 19th will be paid a dividend of $0.18 per share. The ex-dividend date is Wednesday, March 19th. This represents a $0.72 annualized dividend and a yield of 4.26%. Elme Communities’s dividend payout ratio (DPR) is -514.29%.

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.