Elme Communities (NYSE:ELME) Shares Gap Up - Here's Why

Key Points

• Elme Communities' stock price gapped up significantly from a prior close of $15.11 to an open of $16.27 and last traded at $16.38.
• The company reported quarterly earnings of $0.24 per share, exceeding analysts' estimates of $0.23, with a revenue increase of 3.3% year-over-year.
• Institutional investors hold 87.88% of the company's stock, with notable increases from firms such as Cbre Investment Management and Renaissance Technologies.

Shares of Elme Communities (NYSE:ELME - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $15.11, but opened at $16.27. Elme Communities shares last traded at $16.38, with a volume of 842,577 shares.

Elme Communities Stock Up 0.1%

The firm has a 50-day moving average of $16.07 and a 200 day moving average of $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. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -109.59 and a beta of 0.98.

Elme Communities (NYSE:ELME - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The company 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 1.30% and a negative net margin of 5.79%. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 EPS. As a group, sell-side analysts forecast that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Wednesday, September 17th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Wednesday, September 17th. Elme Communities's dividend payout ratio is currently -480.00%.

Institutional Trading of Elme Communities

A number of institutional investors have recently modified their holdings of ELME. American Century Companies Inc. grew its position in shares of Elme Communities by 3.5% during the 4th quarter. American Century Companies Inc. now owns 35,202 shares of the company's stock valued at $538,000 after acquiring an additional 1,193 shares during the period. JPMorgan Chase & Co. raised its position in Elme Communities by 97.0% in the 4th quarter. JPMorgan Chase & Co. now owns 814,233 shares of the company's stock worth $12,433,000 after purchasing an additional 400,834 shares during the period. Norges Bank bought a new position in Elme Communities in the 4th quarter worth about $2,750,000. Pictet Asset Management Holding SA boosted its stake in shares of Elme Communities by 18.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 29,132 shares of the company's stock valued at $445,000 after purchasing an additional 4,454 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Elme Communities by 7.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 383,909 shares of the company's stock valued at $5,862,000 after purchasing an additional 25,185 shares in the last quarter. 87.88% of the stock is currently 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.