Elme Communities (NYSE:ELME) Stock Rating Lowered by Wall Street Zen

Key Points

• Elme Communities' stock was downgraded from a "hold" to a "sell" rating by analysts at Wall Street Zen.
• Despite the downgrade, Truist Financial maintained a "hold" rating, reflecting mixed sentiment about the stock among analysts.
• The current consensus price target for Elme Communities stock is $18.50, with a recent trading price of $16.81.

Elme Communities (NYSE:ELME - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Friday.

Separately, Truist Financial reiterated a "hold" rating on shares of Elme Communities in a research note on Thursday, September 11th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $18.50.

Elme Communities Stock Up 0.6%

Elme Communities stock traded up $0.10 during mid-day trading on Friday, hitting $16.81. 731,185 shares of the company's stock were exchanged, compared to its average volume of 885,349. 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 P/E ratio of -112.06 and a beta of 1.02. Elme Communities has a 1-year low of $13.95 and a 1-year high of $18.08. The stock has a 50 day moving average of $16.63 and a two-hundred day moving average of $16.28.

Elme Communities (NYSE:ELME - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.24 EPS for the quarter, topping 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 firm had revenue of $62.10 million for the quarter, compared to the consensus estimate of $61.63 million. During the same period in the prior year, the business posted $0.23 earnings per share. The business's quarterly revenue was up 3.3% on a year-over-year basis. As a group, analysts anticipate that Elme Communities will post 0.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its position in shares of Elme Communities by 6.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,851 shares of the company's stock worth $173,000 after purchasing an additional 650 shares in the last quarter. Aberdeen Group plc grew its position in shares of 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 in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Elme Communities by 39.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company's stock worth $51,000 after purchasing an additional 922 shares in the last quarter. Verdence Capital Advisors LLC grew its position in shares of Elme Communities by 4.2% during the 2nd quarter. Verdence Capital Advisors LLC now owns 23,058 shares of the company's stock worth $367,000 after purchasing an additional 934 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Elme Communities by 3.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 31,470 shares of the company's stock worth $500,000 after acquiring an additional 1,090 shares during the period. Institutional investors and hedge funds 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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