Legal & General Group Plc Lowers Stake in Elme Communities (NYSE:ELME)

Legal & General Group Plc trimmed its holdings in Elme Communities (NYSE:ELME - Free Report) by 7.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 661,026 shares of the company's stock after selling 54,160 shares during the quarter. Legal & General Group Plc owned 0.75% of Elme Communities worth $10,094,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Invesco Ltd. boosted its stake in shares of Elme Communities by 3.8% during the fourth quarter. Invesco Ltd. now owns 656,910 shares of the company's stock valued at $10,031,000 after purchasing an additional 23,829 shares during the period. Bank of Montreal Can boosted its position in Elme Communities by 21.2% during the 4th quarter. Bank of Montreal Can now owns 126,682 shares of the company's stock valued at $1,934,000 after buying an additional 22,150 shares during the period. Wells Fargo & Company MN grew its holdings in Elme Communities by 22.3% in the 4th quarter. Wells Fargo & Company MN now owns 72,376 shares of the company's stock worth $1,105,000 after acquiring an additional 13,173 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of Elme Communities during the fourth quarter valued at about $516,000. Finally, Centersquare Investment Management LLC grew its stake in shares of Elme Communities by 105.6% in the fourth quarter. Centersquare Investment Management LLC now owns 109,800 shares of the company's stock worth $1,677,000 after purchasing an additional 56,400 shares during the last quarter. Institutional investors own 87.88% of the company's stock.

Elme Communities Stock Performance

ELME traded up $0.09 during midday trading on Wednesday, hitting $15.54. 40,827 shares of the company traded hands, compared to its average volume of 651,641. The firm has a market capitalization of $1.37 billion, a PE ratio of -111.00 and a beta of 0.84. The company's 50-day moving average is $16.59 and its 200 day moving average is $16.19. Elme Communities has a 52 week low of $13.95 and a 52 week 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.

Elme Communities (NYSE:ELME - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.03) by $0.26. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. On average, research analysts expect that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th were issued a dividend of $0.18 per share. The ex-dividend date was Wednesday, March 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.63%. Elme Communities's dividend payout ratio is currently -514.29%.

Analyst Upgrades and Downgrades

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

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.