Elme Communities (NYSE:ELME) Releases Earnings Results, Misses Expectations By $0.27 EPS

Elme Communities (NYSE:ELME) posted its quarterly earnings results on Monday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27), Zacks reports. The firm had revenue of $61.06 million for the quarter, compared to the consensus estimate of $60.31 million. Elme Communities had a negative return on equity of 1.16% and a negative net margin of 5.51%. Elme Communities’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 EPS. Elme Communities updated its FY24 guidance to $0.92-0.94 EPS and its FY 2024 guidance to 0.920-0.940 EPS.

Elme Communities Trading Up 2.5 %

NYSE:ELME traded up $0.42 on Wednesday, reaching $17.32. 1,419,156 shares of the company’s stock were exchanged, compared to its average volume of 585,317. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -112.63 and a beta of 0.89. Elme Communities has a 52-week low of $12.74 and a 52-week high of $18.49. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average of $17.38 and a 200-day moving average of $16.46.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.72 annualized dividend and a dividend yield of 4.16%. Elme Communities’s dividend payout ratio is currently -479.97%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Wolfe Research started coverage on shares of Elme Communities in a report on Monday, October 21st. They set a “peer perform” rating for the company. Finally, 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 research note on Friday, September 13th.

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.