JPMorgan Chase & Co. Has Lowered Expectations for Elme Communities (NYSE:ELME) Stock Price

Key Points

• JPMorgan Chase & Co. has cut the target price for Elme Communities from $19.00 to $18.00, maintaining a "neutral" rating on the stock.
• Several brokerages have also issued ratings for Elme Communities, with a consensus rating of "Hold" and a price target of $18.50.
• Elme Communities reported a quarterly earnings increase to $0.24 per share, exceeding analyst expectations and showing revenue growth of 3.3% year-over-year.

Elme Communities (NYSE:ELME - Get Free Report) had its target price cut by research analysts at JPMorgan Chase & Co. from $19.00 to $18.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 6.92% from the company's current price.

Several other brokerages also recently weighed in on ELME. Weiss Ratings reiterated a "hold (c)" rating on shares of Elme Communities in a research report on Wednesday, October 8th. Truist Financial reiterated a "hold" rating on shares of Elme Communities in a research report on Thursday, September 11th. Finally, Wall Street Zen downgraded Elme Communities from a "hold" rating to a "sell" rating in a research report on Friday, September 26th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $18.50.

Elme Communities Price Performance

NYSE:ELME traded up $0.01 during mid-day trading on Tuesday, reaching $16.84. The stock had a trading volume of 49,084 shares, compared to its average volume of 769,914. The firm has a 50 day moving average price of $16.87 and a two-hundred day moving average price of $16.23. The stock has a market capitalization of $1.48 billion, a P/E ratio of -112.29 and a beta of 1.01. Elme Communities has a one year low of $13.95 and a one year high of $18.08. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.51 and a current ratio of 0.51.

Elme Communities (NYSE:ELME - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The company had revenue of $62.10 million during the quarter, compared to the consensus estimate of $61.63 million. Elme Communities had a negative return on equity of 1.33% and a negative net margin of 5.78%.Elme Communities's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 EPS. As a group, analysts expect that Elme Communities will post 0.94 earnings per share for the current year.

Hedge Funds Weigh In On Elme Communities

Several hedge funds have recently made changes to their positions in the business. CWM LLC grew its stake in Elme Communities by 240.1% in the second quarter. CWM LLC now owns 2,078 shares of the company's stock worth $33,000 after purchasing an additional 1,467 shares during the period. Employees Retirement System of Texas purchased a new stake in Elme Communities in the second quarter worth $38,000. EverSource Wealth Advisors LLC grew its stake in Elme Communities by 39.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company's stock worth $51,000 after purchasing an additional 922 shares during the period. State of Wyoming purchased a new stake in Elme Communities in the first quarter worth $66,000. Finally, GAMMA Investing LLC grew its stake in Elme Communities by 20.8% in the third quarter. GAMMA Investing LLC now owns 4,001 shares of the company's stock worth $67,000 after purchasing an additional 688 shares during the period. 87.88% of the stock is owned by hedge funds and other institutional investors.

Elme Communities Company 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.

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