Thornburg Investment Management Inc. Decreases 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. decreased its holdings in Elme Communities (NYSE:ELME - Free Report) by 8.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,205,668 shares of the company's stock after selling 200,000 shares during the quarter. Thornburg Investment Management Inc. owned 2.50% of Elme Communities worth $38,379,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ELME. Sterling Capital Management LLC lifted its holdings in Elme Communities by 817.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,818 shares of the company's stock valued at $43,000 after purchasing an additional 2,511 shares in the last quarter. Hughes Financial Services LLC purchased a new position in shares of Elme Communities in the first quarter worth $81,000. NewEdge Advisors LLC lifted its holdings in shares of Elme Communities by 6,041.7% in the fourth quarter. NewEdge Advisors LLC now owns 10,748 shares of the company's stock worth $164,000 after buying an additional 10,573 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of Elme Communities in the fourth quarter worth $205,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Elme Communities in the fourth quarter worth $253,000. Hedge funds and other institutional investors own 87.88% of the company's stock.

Elme Communities Price Performance

Shares of ELME stock traded up $0.03 during mid-day trading on Friday, hitting $15.11. The company had a trading volume of 810,706 shares, compared to its average volume of 640,453. Elme Communities has a 52-week low of $13.95 and a 52-week high of $18.49. The stock's 50 day moving average price is $16.06 and its 200-day moving average price is $16.06. 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 company has a market capitalization of $1.33 billion, a P/E ratio of -100.73 and a beta of 0.97.

Elme Communities (NYSE:ELME - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Elme Communities had a negative net margin of 5.79% and a negative return on equity of 1.30%. The firm had revenue of $61.49 million for the quarter, compared to the consensus estimate of $61.31 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The company's quarterly revenue was up 3.3% compared to the same quarter last year. Equities research analysts forecast that Elme Communities will post 0.94 earnings per share for the current 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.