First Trust Advisors LP Has $2.44 Million Position in Elme Communities (NYSE:ELME)

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

A number of other hedge funds and other institutional investors have also modified their holdings of ELME. Sterling Capital Management LLC raised 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 worth $43,000 after buying an additional 2,511 shares in the last quarter. Metis Global Partners LLC acquired a new stake in Elme Communities in the 4th quarter valued at about $154,000. NewEdge Advisors LLC boosted its position in shares of Elme Communities by 6,041.7% during the 4th 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 4th quarter worth approximately $171,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of Elme Communities in the 4th quarter worth approximately $180,000. 87.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Elme Communities Stock Down 0.1 %

Shares of Elme Communities stock traded down $0.01 during midday trading on Friday, hitting $15.99. The company's stock had a trading volume of 402,316 shares, compared to its average volume of 581,224. The firm has a market capitalization of $1.41 billion, a P/E ratio of -114.21 and a beta of 0.96. Elme Communities has a 1-year low of $13.95 and a 1-year high of $18.49. The company has a quick ratio of 0.55, a current ratio of 0.58 and a debt-to-equity ratio of 0.65. The stock has a 50-day simple moving average of $16.22 and a 200-day simple moving average of $16.09.

Elme Communities (NYSE:ELME - Get Free Report) last posted its quarterly 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 5.42% and a negative return on equity of 1.18%. The business had revenue of $61.49 million during the quarter, compared to analysts' expectations of $61.31 million. During the same period last year, the company posted $0.23 earnings per share. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. As a group, sell-side analysts expect that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Tuesday, June 17th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, June 17th. This represents a $0.72 dividend on an annualized basis and a yield of 4.50%. Elme Communities's payout ratio is -480.00%.

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.