Elme Communities (NYSE:ELME) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Elme Communities reported earnings of $0.22 per share, missing estimates by $0.02, and experienced a negative return on equity of 1.33% for the quarter.
• The company announced a quarterly dividend of $0.18, reflecting an annualized yield of 4.2%, though its dividend payout ratio stands at -480.00%.
• Elme Communities' stock price rose by 0.7% to $16.97, with a market capitalization of $1.50 billion and an average analyst rating of "Hold" with a target price of $18.50.

Elme Communities (NYSE:ELME - Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.01), Zacks reports. Elme Communities had a negative net margin of 5.78% and a negative return on equity of 1.33%. During the same period in the prior year, the business earned $0.23 EPS. The business's revenue was up 1.7% on a year-over-year basis.

Elme Communities Trading Up 0.7%

ELME traded up $0.11 during trading on Thursday, hitting $16.97. 845,921 shares of the stock traded hands, compared to its average volume of 781,390. Elme Communities has a 12-month low of $13.95 and a 12-month high of $18.08. The firm has a market capitalization of $1.50 billion, a P/E ratio of -113.14 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a 50-day moving average of $16.89 and a 200 day moving average of $16.24.

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Wednesday, September 17th were issued a $0.18 dividend. The ex-dividend date was Wednesday, September 17th. This represents a $0.72 annualized dividend and a dividend yield of 4.2%. Elme Communities's dividend payout ratio (DPR) is currently -480.00%.

Analyst Ratings Changes

A number of research firms recently weighed in on ELME. Wall Street Zen lowered shares of Elme Communities from a "hold" rating to a "sell" rating in a report on Friday, September 26th. Truist Financial reaffirmed a "hold" rating on shares of Elme Communities in a report on Thursday, September 11th. JPMorgan Chase & Co. lowered their price objective on Elme Communities from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Elme Communities in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $18.50.

Institutional Investors Weigh In On Elme Communities

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caxton Associates LLP purchased a new position in Elme Communities in the second quarter worth about $376,000. Public Sector Pension Investment Board boosted its stake in shares of Elme Communities by 7.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 300,549 shares of the company's stock worth $4,779,000 after buying an additional 21,423 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Elme Communities by 5.2% in the second quarter. CANADA LIFE ASSURANCE Co now owns 224,779 shares of the company's stock worth $3,572,000 after acquiring an additional 11,041 shares during the period. Tower Research Capital LLC TRC increased its position in Elme Communities by 280.7% during the second quarter. Tower Research Capital LLC TRC now owns 8,399 shares of the company's stock valued at $134,000 after acquiring an additional 6,193 shares during the last quarter. Finally, Tidal Investments LLC increased its position in Elme Communities by 15.5% during the second quarter. Tidal Investments LLC now owns 23,159 shares of the company's stock valued at $368,000 after acquiring an additional 3,115 shares during the last quarter. 87.88% of the stock is owned by hedge funds and other institutional investors.

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.