Elme Communities (NYSE:ELME) Receives New Coverage from Analysts at Wolfe Research

Wolfe Research started coverage on shares of Elme Communities (NYSE:ELME) in a research note published on Monday, MarketBeat reports. The firm issued a peer perform rating on the stock.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. raised their price objective 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. Wells Fargo & Company raised their price objective on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, September 13th.

Elme Communities Stock Performance

Shares of ELME opened at $17.44 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.55 and a quick ratio of 0.55. Elme Communities has a one year low of $12.44 and a one year high of $18.49. The company has a 50-day simple moving average of $17.43 and a two-hundred day simple moving average of $16.32. The firm has a market capitalization of $1.53 billion, a PE ratio of -28.12 and a beta of 0.90.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date was Thursday, September 19th. Elme Communities’s dividend payout ratio is -116.13%.

Hedge Funds Weigh In On Elme Communities

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC increased its stake in shares of Elme Communities by 7.1% during the second quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company’s stock valued at $16,508,000 after purchasing an additional 69,014 shares in the last quarter. GAMMA Investing LLC increased its position in shares of 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 acquiring an additional 1,725 shares in the last quarter. TCW Group Inc. increased its position in shares of Elme Communities by 123.8% during the second quarter. TCW Group Inc. now owns 123,104 shares of the company’s stock valued at $1,961,000 after acquiring an additional 68,103 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Elme Communities by 7.4% during the first quarter. ProShare Advisors LLC now owns 17,722 shares of the company’s stock valued at $247,000 after acquiring an additional 1,218 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Elme Communities by 6.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 54,540 shares of the company’s stock valued at $760,000 after acquiring an additional 3,152 shares in the last quarter. Institutional investors own 87.88% of the company’s 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.