Resona Asset Management Co. Ltd. Buys New Stake in Elme Communities (NYSE:ELME)

Resona Asset Management Co. Ltd. bought a new stake in Elme Communities (NYSE:ELME - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 34,651 shares of the company's stock, valued at approximately $516,000.

Other hedge funds have also made changes to their positions in the company. Metis Global Partners LLC acquired a new position in Elme Communities during the 4th quarter worth approximately $154,000. Meridian Wealth Management LLC purchased a new position in Elme Communities in the fourth quarter valued at $171,000. Proficio Capital Partners LLC acquired a new stake in Elme Communities in the fourth quarter valued at $180,000. M&T Bank Corp lifted its holdings in Elme Communities by 10.1% during the 4th quarter. M&T Bank Corp now owns 12,691 shares of the company's stock worth $194,000 after buying an additional 1,166 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in shares of Elme Communities during the 4th quarter worth about $197,000. Institutional investors and hedge funds own 87.88% of the company's stock.

Elme Communities Price Performance

Elme Communities stock traded up $0.19 during midday trading on Wednesday, reaching $15.44. The company's stock had a trading volume of 42,994 shares, compared to its average volume of 660,354. The firm has a market capitalization of $1.36 billion, a PE ratio of -110.29 and a beta of 0.84. Elme Communities has a fifty-two week low of $13.95 and a fifty-two week high of $18.49. The stock's 50 day simple moving average is $16.61 and its 200 day simple moving average is $16.26. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.55 and a current ratio of 0.58.

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 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, equities research analysts forecast that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, March 19th. This represents a $0.72 annualized dividend and a yield of 4.66%. Elme Communities's payout ratio is currently -514.29%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Truist Financial raised Elme Communities from a "hold" rating to a "buy" rating in a report on Friday, January 17th. JPMorgan Chase & Co. cut shares of Elme Communities from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $19.00 to $18.00 in a research report on Tuesday, December 17th. Finally, Wells Fargo & Company lifted their target price on Elme Communities from $17.00 to $19.00 and gave the stock an "equal weight" rating in a research 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.