Centersquare Investment Management LLC Lowers Stock Holdings in Elme Communities (NYSE:ELME)

Key Points

• Centersquare Investment Management LLC reduced its stake in Elme Communities by 28.1%, now owning 78,900 shares valued at approximately $1.37 million.
• Elme Communities has reported a quarterly EPS of $0.24, slightly exceeding the consensus estimate of $0.23, alongside a 3.3% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.18, providing an annual yield of 4.4%, although it has a negative dividend payout ratio of -480.00%.

Centersquare Investment Management LLC lowered its stake in shares of Elme Communities (NYSE:ELME - Free Report) by 28.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,900 shares of the company's stock after selling 30,900 shares during the quarter. Centersquare Investment Management LLC owned about 0.09% of Elme Communities worth $1,373,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ELME. American Century Companies Inc. grew its holdings in shares of Elme Communities by 3.5% during the fourth quarter. American Century Companies Inc. now owns 35,202 shares of the company's stock worth $538,000 after buying an additional 1,193 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Elme Communities by 97.0% during the fourth quarter. JPMorgan Chase & Co. now owns 814,233 shares of the company's stock worth $12,433,000 after buying an additional 400,834 shares during the last quarter. Norges Bank purchased a new position in shares of Elme Communities during the fourth quarter worth about $2,750,000. Pictet Asset Management Holding SA grew its holdings 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 worth $445,000 after buying an additional 4,454 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Elme Communities by 7.0% in 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 during the period. Hedge funds and other institutional investors own 87.88% of the company's stock.

Elme Communities Stock Down 0.1%

ELME opened at $16.41 on Wednesday. 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 business has a 50 day simple moving average of $16.07 and a 200-day simple moving average of $16.09. The stock has a market capitalization of $1.45 billion, a P/E ratio of -109.39 and a beta of 0.98. Elme Communities has a 12 month low of $13.95 and a 12 month high of $18.49.

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

Elme Communities Announces Dividend

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 issued a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.72 dividend on an annualized basis and a yield of 4.4%. Elme Communities's dividend payout ratio (DPR) is -480.00%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company dropped their target price on 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 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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