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

Key Points

• Thornburg Investment Management Inc. has reduced its stake in Elme Communities by 8.3%, selling 200,000 shares, leaving it with 2,205,668 shares valued at approximately $38.4 million.
• Several hedge funds significantly increased their positions in Elme Communities, with Sterling Capital Management boosting its stake by 817.9% in the 4th quarter.
• Elme Communities has declared a $0.18 quarterly dividend, representing an annualized yield of 4.60%, despite a negative payout ratio of 480%.

Thornburg Investment Management Inc. reduced its holdings in Elme Communities (NYSE:ELME - Free Report) by 8.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,205,668 shares of the company's stock after selling 200,000 shares during the quarter. Thornburg Investment Management Inc. owned about 2.50% of Elme Communities worth $38,379,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in Elme Communities by 1,505.2% in the first quarter. GAMMA Investing LLC now owns 53,888 shares of the company's stock worth $938,000 after purchasing an additional 50,531 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Elme Communities by 97.0% in the fourth 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. Centersquare Investment Management LLC grew its stake in Elme Communities by 105.6% in the fourth quarter. Centersquare Investment Management LLC now owns 109,800 shares of the company's stock valued at $1,677,000 after acquiring an additional 56,400 shares during the period. Bank of America Corp DE grew its stake in Elme Communities by 14.4% in the fourth quarter. Bank of America Corp DE now owns 360,951 shares of the company's stock valued at $5,512,000 after acquiring an additional 45,509 shares during the period. Finally, Two Sigma Investments LP grew its stake in Elme Communities by 8.4% in the fourth quarter. Two Sigma Investments LP now owns 323,154 shares of the company's stock valued at $4,935,000 after acquiring an additional 25,003 shares during the period. 87.88% of the stock is currently owned by institutional investors.

Elme Communities Stock Up 0.2%

Elme Communities stock traded up $0.03 during mid-day trading on Friday, reaching $15.11. The stock had a trading volume of 810,706 shares, compared to its average volume of 604,574. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.68 and a current ratio of 0.68. Elme Communities has a fifty-two week low of $13.95 and a fifty-two week high of $18.49. The stock's 50-day simple moving average is $16.05 and its 200-day simple moving average is $16.06. The firm has a market capitalization of $1.33 billion, a PE ratio of -100.73 and a beta of 0.98.

Elme Communities (NYSE:ELME - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates 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 had revenue of $61.49 million during the quarter, compared to analysts' expectations of $61.31 million. During the same quarter last year, the firm posted $0.23 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

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.