Rhumbline Advisers Has $4.28 Million Stock Position in Elme Communities (NYSE:ELME)

Rhumbline Advisers reduced its holdings in Elme Communities (NYSE:ELME) by 2.1% in the 4th quarter, HoldingsChannel reports. The fund owned 280,235 shares of the company’s stock after selling 5,993 shares during the period. Rhumbline Advisers’ holdings in Elme Communities were worth $4,279,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Elme Communities by 35.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after buying an additional 885 shares during the period. DekaBank Deutsche Girozentrale increased its position in shares of Elme Communities by 12.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 22,538 shares of the company’s stock worth $387,000 after buying an additional 2,477 shares during the period. abrdn plc increased its position in shares of Elme Communities by 10.5% during the third quarter. abrdn plc now owns 17,568 shares of the company’s stock worth $309,000 after buying an additional 1,676 shares during the period. Van ECK Associates Corp increased its position in shares of Elme Communities by 12.3% during the third quarter. Van ECK Associates Corp now owns 15,125 shares of the company’s stock worth $263,000 after buying an additional 1,660 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in shares of Elme Communities by 0.8% during the third quarter. Asset Management One Co. Ltd. now owns 210,724 shares of the company’s stock worth $3,707,000 after buying an additional 1,634 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.

Elme Communities Stock Performance

NYSE ELME opened at $17.39 on Friday. Elme Communities has a 52-week low of $12.74 and a 52-week high of $18.49. The company has a 50-day simple moving average of $15.44 and a 200 day simple moving average of $16.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.55 and a current ratio of 0.58. The company has a market capitalization of $1.53 billion, a PE ratio of -124.21 and a beta of 0.91.

Elme Communities (NYSE:ELME) last posted its earnings results on Thursday, February 13th. The company reported $0.23 earnings per share 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%. On average, research analysts predict that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Investors of record on Wednesday, March 19th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend is Wednesday, March 19th. Elme Communities’s dividend payout ratio (DPR) is presently -514.29%.

Wall Street Analyst Weigh In

ELME has been the topic of several research analyst reports. Wells Fargo & Company increased their target price on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. lowered shares of Elme Communities from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $19.00 to $18.00 in a research note on Tuesday, December 17th. Finally, Truist Financial raised shares of Elme Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th.

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.