Truist Financial Reiterates "Hold" Rating for Elme Communities (NYSE:ELME)

Key Points

• Elme Communities' stock was given a "hold" rating by Truist Financial, indicating no significant expectation for price movement in the near term.
• The company reported a quarterly EPS of $0.24, slightly surpassing analyst estimates and showing a 3.3% year-over-year revenue growth.
• Major institutional investors have significantly increased their holdings in Elme Communities, with ownership now at 87.88% of the company's stock.

Elme Communities (NYSE:ELME - Get Free Report)'s stock had its "hold" rating restated by analysts at Truist Financial in a research note issued to investors on Thursday, September 11th, MarketBeat.com reports.

Elme Communities Price Performance

NYSE ELME opened at $16.84 on Thursday. The business's fifty day moving average price is $16.56 and its 200-day moving average price is $16.30. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -112.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.51 and a quick ratio of 0.51. Elme Communities has a 1-year low of $13.95 and a 1-year high of $18.11.

Elme Communities (NYSE:ELME - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $62.10 million during the quarter, compared to analyst estimates of $61.63 million. Elme Communities had a negative return on equity of 1.33% and a negative net margin of 5.78%.Elme Communities's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 EPS. On average, equities analysts predict that Elme Communities will post 0.94 earnings per share for the current year.

Hedge Funds Weigh In On Elme Communities

A number of institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its stake in shares of Elme Communities by 6.4% during the second quarter. PNC Financial Services Group Inc. now owns 10,851 shares of the company's stock worth $173,000 after buying an additional 650 shares during the period. Aberdeen Group plc lifted its stake in shares of Elme Communities by 3.6% during the first quarter. Aberdeen Group plc now owns 23,774 shares of the company's stock worth $414,000 after buying an additional 828 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Elme Communities by 39.9% during the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company's stock worth $51,000 after buying an additional 922 shares during the period. Verdence Capital Advisors LLC lifted its stake in shares of Elme Communities by 4.2% during the second quarter. Verdence Capital Advisors LLC now owns 23,058 shares of the company's stock worth $367,000 after buying an additional 934 shares during the period. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Elme Communities by 3.6% during the second quarter. Daiwa Securities Group Inc. now owns 31,470 shares of the company's stock worth $500,000 after buying an additional 1,090 shares during the period. 87.88% of the stock is 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.