Elme Communities (NYSE:ELME) Stock Position Increased by Bank of America Corp DE

Bank of America Corp DE raised its stake in shares of Elme Communities (NYSE:ELME - Free Report) by 14.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 360,951 shares of the company's stock after acquiring an additional 45,509 shares during the quarter. Bank of America Corp DE owned approximately 0.41% of Elme Communities worth $5,512,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its holdings in Elme Communities by 10.1% in the fourth quarter. M&T Bank Corp now owns 12,691 shares of the company's stock worth $194,000 after purchasing an additional 1,166 shares during the period. American Century Companies Inc. boosted its holdings in shares of Elme Communities by 3.5% in the 4th quarter. American Century Companies Inc. now owns 35,202 shares of the company's stock valued at $538,000 after buying an additional 1,193 shares during the period. Van ECK Associates Corp grew its position in shares of Elme Communities by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 16,669 shares of the company's stock valued at $255,000 after buying an additional 1,544 shares during the last quarter. Sterling Capital Management LLC raised its stake in Elme Communities by 817.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,818 shares of the company's stock worth $43,000 after acquiring an additional 2,511 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its holdings in Elme Communities by 6.5% in the fourth quarter. Illinois Municipal Retirement Fund now owns 48,031 shares of the company's stock worth $733,000 after acquiring an additional 2,911 shares during the last quarter. 87.88% of the stock is currently owned by institutional investors.

Elme Communities Stock Performance

Shares of Elme Communities stock traded up $0.06 during trading on Friday, hitting $16.07. 1,192,469 shares of the stock were exchanged, compared to its average volume of 582,499. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.55 and a current ratio of 0.58. Elme Communities has a 12 month low of $13.95 and a 12 month high of $18.49. The stock's fifty day moving average is $15.88 and its 200 day moving average is $15.98. The stock has a market cap of $1.42 billion, a PE ratio of -114.79 and a beta of 0.96.

Elme Communities (NYSE:ELME - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. Elme Communities had a negative net margin of 5.42% and a negative return on equity of 1.18%. The firm had revenue of $61.49 million during the quarter, compared to analyst estimates of $61.31 million. During the same period in the previous year, the business posted $0.23 EPS. Elme Communities's revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Tuesday, June 17th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend is Tuesday, June 17th. Elme Communities's dividend payout ratio is currently -480.00%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company upped their target price on Elme Communities from $17.00 to $19.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th.

Elme Communities 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.