Elme Communities (NYSE:ELME) Stock Rating Lowered by JPMorgan Chase & Co.

Elme Communities (NYSE:ELME) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. They presently have a $18.00 target price on the stock, down from their prior target price of $19.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 10.13% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Wolfe Research began coverage on shares of Elme Communities in a report on Monday, October 21st. They set a “peer perform” rating for the company. Wells Fargo & Company lifted their price target 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.

Elme Communities Price Performance

ELME stock opened at $16.35 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.55 and a current ratio of 0.55. Elme Communities has a fifty-two week low of $12.74 and a fifty-two week high of $18.49. The stock’s 50 day simple moving average is $16.77 and its 200 day simple moving average is $16.69. The company has a market cap of $1.44 billion, a P/E ratio of -108.96 and a beta of 0.89.

Elme Communities (NYSE:ELME) last issued its earnings results on Monday, November 4th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27). Elme Communities had a negative return on equity of 1.17% and a negative net margin of 5.51%. The firm had revenue of $61.06 million for the quarter, compared to analyst estimates of $60.31 million. During the same period in the previous year, the company earned $0.24 earnings per share. Elme Communities’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, research analysts expect that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Renaissance Technologies LLC lifted its holdings in Elme Communities by 7.1% during the second quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company’s stock worth $16,508,000 after acquiring an additional 69,014 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Elme Communities during the 3rd quarter valued at $975,000. Charles Schwab Investment Management Inc. raised its stake in shares of Elme Communities by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,719,212 shares of the company’s stock worth $30,241,000 after purchasing an additional 53,505 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Elme Communities by 466.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 654,403 shares of the company’s stock worth $11,511,000 after buying an additional 538,857 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Elme Communities during the third quarter valued at about $306,000. 87.88% of the stock is owned by institutional investors.

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.