Thornburg Investment Management Inc. Cuts Holdings in Elme Communities (NYSE:ELME)

Thornburg Investment Management Inc. lowered its stake in shares of Elme Communities (NYSE:ELME - Free Report) by 2.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,405,668 shares of the company's stock after selling 50,000 shares during the quarter. Thornburg Investment Management Inc. owned about 2.73% of Elme Communities worth $36,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of ELME. Barclays PLC lifted its position in Elme Communities by 64.9% during the third quarter. Barclays PLC now owns 177,438 shares of the company's stock valued at $3,121,000 after buying an additional 69,835 shares during the period. Inspire Investing LLC increased its stake in shares of Elme Communities by 13.3% in the 4th quarter. Inspire Investing LLC now owns 26,536 shares of the company's stock worth $405,000 after acquiring an additional 3,117 shares in the last quarter. Blue Trust Inc. lifted its position in Elme Communities by 58.5% during the 4th quarter. Blue Trust Inc. now owns 16,917 shares of the company's stock valued at $258,000 after acquiring an additional 6,242 shares during the period. Hunter Perkins Capital Management LLC boosted its stake in Elme Communities by 3.9% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 23,215 shares of the company's stock worth $354,000 after acquiring an additional 875 shares in the last quarter. Finally, abrdn plc boosted its stake in Elme Communities by 30.6% during the fourth quarter. abrdn plc now owns 22,946 shares of the company's stock worth $342,000 after acquiring an additional 5,378 shares in the last quarter. 87.88% of the stock is owned by institutional investors.

Elme Communities Stock Down 0.6%

NYSE:ELME traded down $0.09 during trading hours on Thursday, reaching $15.72. 414,909 shares of the company traded hands, compared to its average volume of 577,186. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65. The business's 50-day moving average price is $16.05 and its two-hundred day moving average price is $16.04. Elme Communities has a 1 year low of $13.95 and a 1 year high of $18.49. The stock has a market capitalization of $1.39 billion, a P/E ratio of -112.29 and a beta of 0.96.

Elme Communities (NYSE:ELME - Get Free Report) last posted its quarterly 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. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. The firm had revenue of $61.49 million during the quarter, compared to analyst estimates of $61.31 million. During the same quarter in the previous year, the firm earned $0.23 EPS. Elme Communities's quarterly revenue was up 3.3% compared to the same quarter last year. Analysts predict that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Tuesday, June 17th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.72 annualized dividend and a dividend yield of 4.58%. Elme Communities's dividend payout ratio is presently -480.00%.

Analysts Set New Price Targets

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

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.