Elme Communities (NYSE:ELME) Short Interest Update

Elme Communities (NYSE:ELME) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totalling 1,650,000 shares, a growth of 18.7% from the September 30th total of 1,390,000 shares. Approximately 1.9% of the company’s stock are short sold. Based on an average trading volume of 468,300 shares, the days-to-cover ratio is currently 3.5 days.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ELME shares. Wolfe Research started coverage on Elme Communities in a report on Monday, October 21st. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. lifted 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. Finally, Wells Fargo & Company lifted their target price on Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th.

Hedge Funds Weigh In On Elme Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELME. PNC Financial Services Group Inc. grew its stake in Elme Communities by 9.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 12,995 shares of the company’s stock valued at $190,000 after purchasing an additional 1,110 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Elme Communities by 1.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,186,343 shares of the company’s stock worth $30,434,000 after acquiring an additional 28,717 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Elme Communities by 7.1% during the first quarter. Daiwa Securities Group Inc. now owns 28,654 shares of the company’s stock worth $399,000 after acquiring an additional 1,909 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Elme Communities by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 76,870 shares of the company’s stock worth $1,070,000 after acquiring an additional 1,028 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Elme Communities during the first quarter worth about $1,770,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Elme Communities Stock Up 0.7 %

ELME traded up $0.12 on Wednesday, hitting $17.20. The company had a trading volume of 302,424 shares, compared to its average volume of 581,937. The stock has a fifty day moving average price of $17.42 and a 200-day moving average price of $16.38. Elme Communities has a 12-month low of $12.44 and a 12-month high of $18.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of -27.82 and a beta of 0.90.

Elme Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th were paid a $0.18 dividend. The ex-dividend date was Thursday, September 19th. This represents a $0.72 annualized dividend and a yield of 4.19%. Elme Communities’s dividend payout ratio (DPR) is presently -116.13%.

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.