Nuveen Asset Management LLC Trims Stock Holdings in Elme Communities (NYSE:ELME)

Nuveen Asset Management LLC reduced its position in Elme Communities (NYSE:ELME - Free Report) by 30.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 995,646 shares of the company's stock after selling 444,986 shares during the quarter. Nuveen Asset Management LLC owned about 1.13% of Elme Communities worth $15,204,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELME. Argosy Lionbridge Management LLC acquired a new stake in Elme Communities during the fourth quarter worth about $25,275,000. Northern Trust Corp grew its holdings 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 worth $23,061,000 after purchasing an additional 535,440 shares during the period. Renaissance Technologies LLC grew its holdings in shares of 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 during the period. JPMorgan Chase & Co. increased its position in Elme Communities by 97.0% during the 4th quarter. JPMorgan Chase & Co. now owns 814,233 shares of the company's stock worth $12,433,000 after purchasing an additional 400,834 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in Elme Communities by 34.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 899,141 shares of the company's stock valued at $13,730,000 after buying an additional 228,419 shares during the period. Institutional investors and hedge funds own 87.88% of the company's stock.

Elme Communities Stock Up 2.3%

NYSE ELME traded up $0.37 during trading hours on Tuesday, hitting $15.97. The company had a trading volume of 597,841 shares, compared to its average volume of 579,031. The firm's 50 day moving average is $15.93 and its 200 day moving average is $15.99. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55. Elme Communities has a fifty-two week low of $13.95 and a fifty-two week high of $18.49. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -114.04 and a beta of 0.96.

Elme Communities (NYSE:ELME - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.24 earnings per share 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 company had revenue of $61.49 million during the quarter, compared to the consensus estimate of $61.31 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The company's revenue was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Tuesday, June 17th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, June 17th. This represents a $0.72 dividend on an annualized basis and a yield of 4.51%. Elme Communities's dividend payout ratio is currently -480.00%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company lifted their price target on shares of 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 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.