Elme Communities (NYSE:ELME) Releases Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Elme Communities reported a quarterly earnings per share (EPS) of $0.24, beating analysts' estimates of $0.23 by $0.01.
• The company announced a quarterly dividend of $0.18 per share, equating to an annualized dividend of $0.72 and a yield of 4.4%.
• Institutional investors increased their positions in Elme Communities, with ownership now at 87.88% of the stock held by hedge funds and other institutions.

Elme Communities (NYSE:ELME - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01, Zacks reports. Elme Communities had a negative net margin of 5.79% and a negative return on equity of 1.30%. During the same period last year, the company earned $0.23 earnings per share. Elme Communities's revenue was up 3.3% on a year-over-year basis.

Elme Communities Price Performance

Shares of NYSE ELME traded down $0.02 during trading on Tuesday, hitting $16.41. 2,214,008 shares of the company were exchanged, compared to its average volume of 902,618. The company has a market cap of $1.45 billion, a price-to-earnings ratio of -109.39 and a beta of 0.98. Elme Communities has a 1 year low of $13.95 and a 1 year high of $18.49. The firm's fifty day moving average price is $16.07 and its 200 day moving average price is $16.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.68 and a quick ratio of 0.68.

Elme Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Wednesday, September 17th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Wednesday, September 17th. Elme Communities's payout ratio is presently -480.00%.

Institutional Investors Weigh In On Elme Communities

Institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Elme Communities by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,358 shares of the company's stock valued at $911,000 after purchasing an additional 2,315 shares in the last quarter. Jane Street Group LLC lifted its holdings in Elme Communities by 170.3% in the 1st quarter. Jane Street Group LLC now owns 101,800 shares of the company's stock valued at $1,771,000 after purchasing an additional 64,137 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Elme Communities by 6.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 638,149 shares of the company's stock valued at $11,104,000 after purchasing an additional 40,722 shares in the last quarter. 87.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company reduced their price target on shares of Elme Communities from $19.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Tuesday.

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.

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