Elme Communities (NYSE:ELME) Position Cut by HGI Capital Management LLC

HGI Capital Management LLC lessened its position in shares of Elme Communities (NYSE:ELME) by 13.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,225,520 shares of the company’s stock after selling 344,434 shares during the quarter. Elme Communities comprises 34.1% of HGI Capital Management LLC’s investment portfolio, making the stock its biggest holding. HGI Capital Management LLC’s holdings in Elme Communities were worth $39,147,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in shares of Elme Communities by 162.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company’s stock valued at $27,000 after purchasing an additional 1,100 shares during the last quarter. Archer Investment Corp grew its stake in shares of Elme Communities by 308.2% in the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company’s stock valued at $28,000 after purchasing an additional 1,350 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Elme Communities by 438.1% in the second quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock valued at $29,000 after buying an additional 1,494 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Elme Communities by 149.2% in the second quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock valued at $46,000 after buying an additional 1,725 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Elme Communities by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock valued at $60,000 after buying an additional 885 shares in the last quarter. 87.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Wolfe Research started coverage on Elme Communities in a research note on Monday, October 21st. They issued a “peer perform” rating on the stock. Finally, Wells Fargo & Company lifted their price objective on 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 Up 1.6 %

Shares of ELME stock opened at $16.95 on Friday. The stock has a fifty day moving average price of $17.02 and a 200 day moving average price of $16.61. Elme Communities has a 1 year low of $12.74 and a 1 year 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 0.63.

Elme Communities (NYSE:ELME) last released its quarterly 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 company had revenue of $61.06 million during the quarter, compared to analyst estimates of $60.31 million. During the same period last year, the firm earned $0.24 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts forecast that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 4.25%. Elme Communities’s dividend payout ratio (DPR) is -479.97%.

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.