Norges Bank Acquires New Position in Elme Communities (NYSE:ELME)

Norges Bank bought a new stake in Elme Communities (NYSE:ELME - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 180,102 shares of the company's stock, valued at approximately $2,750,000. Norges Bank owned 0.20% of Elme Communities at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in shares of Elme Communities by 97.0% in the 4th quarter. JPMorgan Chase & Co. now owns 814,233 shares of the company's stock valued at $12,433,000 after acquiring an additional 400,834 shares during the last quarter. Barclays PLC raised its holdings in Elme Communities by 64.9% during the third quarter. Barclays PLC now owns 177,438 shares of the company's stock worth $3,121,000 after purchasing an additional 69,835 shares in the last quarter. LDR Capital Management LLC lifted its holdings in shares of Elme Communities by 259.7% in the 4th quarter. LDR Capital Management LLC now owns 82,883 shares of the company's stock valued at $1,266,000 after buying an additional 59,840 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Elme Communities by 8.2% during the 4th quarter. Bank of New York Mellon Corp now owns 760,381 shares of the company's stock worth $11,611,000 after purchasing an additional 57,563 shares in the last quarter. Finally, Jane Street Group LLC grew its position in Elme Communities by 50.8% during the third quarter. Jane Street Group LLC now owns 169,361 shares of the company's stock worth $2,979,000 after buying an additional 57,038 shares during the period. 87.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ELME has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price target on Elme Communities from $17.00 to $19.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. downgraded Elme Communities from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $19.00 to $18.00 in a research report on Tuesday, December 17th. Finally, Truist Financial raised shares of Elme Communities from a "hold" rating to a "buy" rating in a research report on Friday, January 17th.

Elme Communities Stock Up 0.6 %

Shares of ELME traded up $0.10 during midday trading on Wednesday, reaching $15.35. 23,773 shares of the company were exchanged, compared to its average volume of 583,931. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65. Elme Communities has a 1-year low of $13.95 and a 1-year high of $18.49. The company has a market cap of $1.35 billion, a price-to-earnings ratio of -109.43 and a beta of 0.84. The stock has a 50-day moving average price of $16.61 and a 200-day moving average price of $16.26.

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

Elme Communities Dividend Announcement

The business also recently disclosed 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. This represents a $0.72 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend was Wednesday, March 19th. Elme Communities's dividend payout ratio is currently -514.29%.

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.