Elme Communities (NYSE:ELME) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Elme Communities has received an average broker recommendation of "Hold" from four covering brokerages, with a one-year price target of $18.50.
• In its latest earnings report, Elme Communities surpassed analyst expectations by reporting $0.24 earnings per share and a 3.3% increase in revenue year-over-year.
• The company recently announced a quarterly dividend of $0.18 per share, with a yield of 4.3%, despite having a negative dividend payout ratio of -480.00%.

Elme Communities (NYSE:ELME - Get Free Report) has been given an average rating of "Hold" by the four brokerages that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation. The average 1 year price target among brokerages that have covered the stock in the last year is $18.50.

Several research firms have recently weighed in on ELME. Truist Financial reaffirmed a "hold" rating on shares of Elme Communities in a research report on Thursday, September 11th. Weiss Ratings reiterated a "hold (c)" rating on shares of Elme Communities in a report on Saturday, September 27th. Finally, Wall Street Zen lowered Elme Communities from a "hold" rating to a "sell" rating in a report on Friday, September 26th.

Elme Communities Trading Down 0.2%

Shares of NYSE:ELME traded down $0.03 during midday trading on Friday, hitting $16.79. The company had a trading volume of 1,081,020 shares, compared to its average volume of 771,793. Elme Communities has a 12 month low of $13.95 and a 12 month high of $18.08. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -111.92 and a beta of 1.01. The firm has a fifty day simple moving average of $16.68 and a 200 day simple moving average of $16.27.

Elme Communities (NYSE:ELME - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $62.10 million for 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%.The company's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.23 earnings per share. On average, analysts predict that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Wednesday, September 17th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 4.3%. The ex-dividend date is Wednesday, September 17th. Elme Communities's dividend payout ratio is presently -480.00%.

Institutional Trading of Elme Communities

Several institutional investors and hedge funds have recently bought and sold shares of ELME. Cbre Investment Management Listed Real Assets LLC raised its stake in Elme Communities by 119.3% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,459,062 shares of the company's stock valued at $42,788,000 after buying an additional 1,337,974 shares during the period. Nuveen LLC bought a new stake in Elme Communities in the first quarter valued at approximately $16,613,000. Balyasny Asset Management L.P. raised its stake in Elme Communities by 167.7% in the second quarter. Balyasny Asset Management L.P. now owns 786,349 shares of the company's stock valued at $12,503,000 after buying an additional 492,558 shares during the period. Deutsche Bank AG raised its stake in Elme Communities by 230.0% in the first quarter. Deutsche Bank AG now owns 381,185 shares of the company's stock valued at $6,633,000 after buying an additional 265,681 shares during the period. Finally, Bamco Inc. NY bought a new stake in Elme Communities in the second quarter valued at approximately $3,768,000. Institutional investors own 87.88% of the company's stock.

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.

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