Elme Communities (NYSE:ELME) Earns Hold Rating from Truist Financial

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 reaffirmed by equities research analysts at Truist Financial in a research note issued on Thursday, Marketbeat.com reports.

Elme Communities Stock Up 0.3%

ELME stock traded up $0.05 during trading on Thursday, reaching $17.13. 1,055,009 shares of the company traded hands, compared to its average volume of 873,611. The business has a 50 day simple moving average of $16.51 and a 200 day simple moving average of $16.31. Elme Communities has a 12 month low of $13.95 and a 12 month high of $18.49. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.51 and a current ratio of 0.51. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -114.19 and a beta of 1.02.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ELME. PNC Financial Services Group Inc. boosted its holdings in Elme Communities by 6.4% in the second quarter. PNC Financial Services Group Inc. now owns 10,851 shares of the company's stock worth $173,000 after acquiring an additional 650 shares in the last quarter. Aberdeen Group plc grew its position in Elme Communities by 3.6% during the 1st quarter. Aberdeen Group plc now owns 23,774 shares of the company's stock worth $414,000 after purchasing an additional 828 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Elme Communities by 39.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company's stock valued at $51,000 after purchasing an additional 922 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of Elme Communities by 4.2% in 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 last quarter. 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 institutional investors and hedge funds.

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.