2,000,000 Shares in Elme Communities $ELME Purchased by Bulldog Investors LLP

Key Points

• Bulldog Investors LLP bought a new stake in Elme Communities, purchasing 2,000,000 shares worth about $4.02 million in the first quarter. The position represents roughly 2.25% of the company and about 0.9% of Bulldog’s portfolio.
• Other institutions also increased exposure to ELME, with firms such as NewGen Asset Management, KBC Group, Credit Industriel ET Commercial, and Deltec Asset Management adding stakes. Overall, institutional investors and hedge funds own 87.88% of the stock.
• Wall Street sentiment remains cautious: analysts have mainly issued Hold ratings, alongside one Sell, giving the stock a consensus rating of “Reduce” and a target price of $18.00. Elme shares were trading near $1.50, close to their 52-week low of $1.26.

Bulldog Investors LLP purchased a new stake in shares of Elme Communities (NYSE:ELME - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,000,000 shares of the company's stock, valued at approximately $4,020,000. Elme Communities accounts for approximately 0.9% of Bulldog Investors LLP's portfolio, making the stock its 29th largest holding. Bulldog Investors LLP owned approximately 2.25% of Elme Communities at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. NewGen Asset Management Ltd acquired a new stake in shares of Elme Communities during the 1st quarter worth approximately $1,159,000. KBC Group NV lifted its position in Elme Communities by 623.3% in the first quarter. KBC Group NV now owns 19,673 shares of the company's stock worth $40,000 after purchasing an additional 16,953 shares during the period. Credit Industriel ET Commercial lifted its position in Elme Communities by 702.7% in the first quarter. Credit Industriel ET Commercial now owns 1,625,516 shares of the company's stock worth $3,267,000 after purchasing an additional 1,423,000 shares during the period. Deltec Asset Management LLC acquired a new stake in Elme Communities during the first quarter worth $910,000. Finally, Hsbc Holdings PLC boosted its stake in Elme Communities by 19.0% during the fourth quarter. Hsbc Holdings PLC now owns 146,361 shares of the company's stock worth $2,547,000 after buying an additional 23,351 shares in the last quarter. Institutional investors and hedge funds own 87.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Weiss Ratings restated a "sell (d)" rating on shares of Elme Communities in a research note on Wednesday, July 8th. BTIG Research reiterated a "neutral" rating on shares of Elme Communities in a research report on Monday, April 6th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $18.00.

Elme Communities Price Performance

Shares of NYSE:ELME opened at $1.50 on Tuesday. The business's fifty day moving average price is $1.85 and its two-hundred day moving average price is $2.75. Elme Communities has a fifty-two week low of $1.26 and a fifty-two week high of $17.68. The stock has a market capitalization of $133.73 million, a price-to-earnings ratio of -0.99 and a beta of 0.73.

Elme Communities Company Profile

Elme Communities, Inc is a real estate investment trust (REIT) specializing in senior living real estate. The company focuses on acquiring and strategically partnering in a diversified portfolio of senior housing communities, providing real estate solutions across the spectrum of independent living, assisted living and memory care facilities. Elme Communities leases properties to experienced operators under long-term contractual arrangements designed to generate stable rental income and align incentives for both landlord and operator.

The company’s core activities include identifying acquisition opportunities, underwriting property performance, structuring lease agreements and overseeing asset management functions.

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