First Trust Advisors LP Acquires 110,615 Shares of Elme Communities (NYSE:ELME)

First Trust Advisors LP lifted its holdings in shares of Elme Communities (NYSE:ELME - Free Report) by 223.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 160,059 shares of the company's stock after buying an additional 110,615 shares during the period. First Trust Advisors LP owned about 0.18% of Elme Communities worth $2,444,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Sterling Capital Management LLC lifted its stake in shares of Elme Communities by 817.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,818 shares of the company's stock valued at $43,000 after acquiring an additional 2,511 shares during the last quarter. Metis Global Partners LLC acquired a new stake in shares of Elme Communities during the fourth quarter valued at about $154,000. NewEdge Advisors LLC boosted its stake in shares of Elme Communities by 6,041.7% during the fourth quarter. NewEdge Advisors LLC now owns 10,748 shares of the company's stock valued at $164,000 after purchasing an additional 10,573 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in shares of Elme Communities in the fourth quarter valued at approximately $171,000. Finally, Proficio Capital Partners LLC bought a new position in Elme Communities in the 4th quarter valued at approximately $180,000. 87.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on ELME. Wells Fargo & Company boosted their target price on shares of Elme Communities from $17.00 to $19.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Truist Financial raised Elme Communities from a "hold" rating to a "buy" rating in a research report on Friday, January 17th.

Elme Communities Trading Up 0.0 %

ELME stock traded up $0.01 during midday trading on Wednesday, hitting $15.88. The stock had a trading volume of 517,327 shares, compared to its average volume of 579,739. 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 has a fifty day moving average price of $16.27 and a two-hundred day moving average price of $16.11. Elme Communities has a 1-year low of $13.95 and a 1-year high of $18.49. The firm has a market cap of $1.40 billion, a P/E ratio of -113.39 and a beta of 0.96.

Elme Communities (NYSE:ELME - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $61.49 million for the quarter, compared to analyst estimates of $61.31 million. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.23 EPS. On average, sell-side analysts predict that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Announces Dividend

The business also recently disclosed 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 4.54%. Elme Communities's dividend payout ratio is currently -480.00%.

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.