Elme Communities (NYSE:ELME) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Elme Communities (NYSE:ELME) from a hold rating to a sell rating in a report published on Friday.

Separately, Truist Financial reiterated a “hold” rating on shares of Elme Communities in a research note on Thursday, September 11th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.50.

Elme Communities Stock Performance

Shares of ELME stock opened at $16.81 on Friday. The company’s fifty day moving average price is $16.63 and its 200-day moving average price is $16.27. The stock has a market cap of $1.48 billion, a PE ratio of -112.06 and a beta of 1.02. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.67. Elme Communities has a 12 month low of $13.95 and a 12 month high of $18.08.

Elme Communities (NYSE:ELME) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $62.10 million during the quarter, compared to analyst estimates of $61.63 million. Elme Communities had a negative return on equity of 1.33% and a negative net margin of 5.78%.The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.23 EPS. On average, equities analysts expect that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Wednesday, September 17th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.3%. Elme Communities’s payout ratio is currently -480.00%.

Institutional Investors Weigh In On Elme Communities

Hedge funds have recently modified their holdings of the business. CWM LLC increased its holdings in shares of Elme Communities by 240.1% in the 2nd quarter. CWM LLC now owns 2,078 shares of the company’s stock valued at $33,000 after acquiring an additional 1,467 shares during the period. Employees Retirement System of Texas acquired a new position in shares of Elme Communities during the second quarter valued at about $38,000. EverSource Wealth Advisors LLC lifted its stake in shares of Elme Communities by 39.9% during the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock worth $51,000 after buying an additional 922 shares during the period. State of Wyoming acquired a new stake in Elme Communities during the 1st quarter worth about $66,000. Finally, Raymond James Financial Inc. purchased a new stake in Elme Communities in the second quarter valued at approximately $70,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

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.