Elme Communities (NYSE:ELME) Price Target Raised to $19.00

Elme Communities (NYSE:ELME) had its target price upped by investment analysts at Wells Fargo & Company from $17.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 11.08% from the stock’s current price.

ELME has been the topic of several other research reports. Truist Financial upgraded shares of Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. JPMorgan Chase & Co. lowered Elme Communities from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $19.00 to $18.00 in a research report on Tuesday, December 17th.

Elme Communities Price Performance

Elme Communities stock opened at $17.11 on Thursday. The stock’s 50 day moving average is $15.30 and its 200 day moving average is $16.49. Elme Communities has a one year low of $12.74 and a one year high of $18.49. The firm has a market cap of $1.51 billion, a P/E ratio of -122.18 and a beta of 0.91. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55.

Elme Communities (NYSE:ELME) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. As a group, research analysts expect that Elme Communities will post 0.94 EPS for the current year.

Institutional Trading of Elme Communities

Several hedge funds have recently modified their holdings of ELME. Argosy Lionbridge Management LLC bought a new position in Elme Communities during the fourth quarter worth $25,275,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Elme Communities by 466.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 654,403 shares of the company’s stock valued at $11,511,000 after purchasing an additional 538,857 shares during the period. Northern Trust Corp boosted its position in shares of Elme Communities by 54.9% during the 4th quarter. Northern Trust Corp now owns 1,510,239 shares of the company’s stock worth $23,061,000 after purchasing an additional 535,440 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Elme Communities by 38.7% in the 4th quarter. Renaissance Technologies LLC now owns 1,461,007 shares of the company’s stock valued at $22,310,000 after buying an additional 407,607 shares during the period. Finally, JPMorgan Chase & Co. increased its position in 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 buying an additional 400,834 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

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.