GAMMA Investing LLC Acquires 50,531 Shares of Elme Communities (NYSE:ELME)

GAMMA Investing LLC boosted its stake in shares of Elme Communities (NYSE:ELME - Free Report) by 1,505.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 53,888 shares of the company's stock after buying an additional 50,531 shares during the quarter. GAMMA Investing LLC owned approximately 0.06% of Elme Communities worth $938,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. William Blair Investment Management LLC raised its position in shares of Elme Communities by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 1,934,863 shares of the company's stock valued at $29,545,000 after purchasing an additional 46,755 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Elme Communities by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,730,227 shares of the company's stock valued at $26,421,000 after purchasing an additional 11,015 shares in the last quarter. Argosy Lionbridge Management LLC purchased a new position in shares of Elme Communities in the fourth quarter valued at $25,275,000. Northern Trust Corp raised its stake in shares of Elme Communities by 54.9% during the 4th quarter. Northern Trust Corp now owns 1,510,239 shares of the company's stock valued at $23,061,000 after purchasing an additional 535,440 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Elme Communities by 38.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,461,007 shares of the company's stock worth $22,310,000 after purchasing an additional 407,607 shares in the last quarter. Hedge funds and other institutional investors own 87.88% of the company's stock.

Wall Street Analysts Forecast Growth

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

Elme Communities Price Performance

Shares of ELME traded down $0.09 during midday trading on Friday, reaching $15.81. The stock had a trading volume of 409,679 shares, compared to its average volume of 578,561. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -105.37 and a beta of 0.98. The company's 50-day moving average is $15.87 and its 200 day moving average is $15.95. 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 issued its earnings results on Thursday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $61.49 million during the quarter, compared to analyst estimates of $61.31 million. Elme Communities had a negative return on equity of 1.30% and a negative net margin of 5.79%. Elme Communities's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 earnings per share. On average, equities analysts predict that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Tuesday, June 17th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, June 17th. This represents a $0.72 annualized dividend and a yield of 4.55%. Elme Communities's payout ratio is -480.00%.

Elme Communities Company 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.