Elme Communities (NYSE:ELME) Reaches New 12-Month High – Still a Buy?

Shares of Elme Communities (NYSE:ELME) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $19.99 and last traded at $17.15, with a volume of 646 shares changing hands. The stock had previously closed at $17.18.

Analyst Ratings Changes

Several equities research analysts have recently commented on ELME shares. JPMorgan Chase & Co. lowered Elme Communities from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $18.00 in a research note on Tuesday, December 17th. Wells Fargo & Company boosted their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, Truist Financial upgraded Elme Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th.

Elme Communities Price Performance

The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.55 and a current ratio of 0.58. The company has a 50-day moving average of $15.58 and a 200-day moving average of $16.49. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of -122.79 and a beta of 0.91.

Elme Communities (NYSE:ELME) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.26. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. As a group, equities research analysts expect that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.19%. Elme Communities’s dividend payout ratio (DPR) is -514.29%.

Institutional Investors Weigh In On Elme Communities

Hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC boosted its position in Elme Communities by 50.8% during the third quarter. Jane Street Group LLC now owns 169,361 shares of the company’s stock worth $2,979,000 after acquiring an additional 57,038 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Elme Communities during the 3rd quarter worth $975,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Elme Communities by 3.2% during the third 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 last quarter. Verition Fund Management LLC purchased a new stake in shares of Elme Communities in the third quarter valued at $541,000. Finally, Barclays PLC increased its stake in Elme Communities by 64.9% in the third quarter. Barclays PLC now owns 177,438 shares of the company’s stock valued at $3,121,000 after purchasing an additional 69,835 shares during the last quarter. 87.88% of the stock is currently owned by hedge funds and other institutional investors.

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.