Alliancebernstein L.P. Lowers Stock Holdings in Elme Communities (NYSE:ELME)

Alliancebernstein L.P. reduced its position in Elme Communities (NYSE:ELME) by 1.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 112,169 shares of the company’s stock after selling 2,201 shares during the quarter. Alliancebernstein L.P.’s holdings in Elme Communities were worth $1,713,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Metis Global Partners LLC bought a new position in Elme Communities during the fourth quarter valued at approximately $154,000. Meridian Wealth Management LLC bought a new position in shares of Elme Communities during the 4th quarter valued at $171,000. M&T Bank Corp raised its position in Elme Communities by 9.5% in the 3rd quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after purchasing an additional 1,000 shares during the period. Proficio Capital Partners LLC bought a new stake in Elme Communities in the fourth quarter worth $180,000. Finally, Entropy Technologies LP purchased a new stake in Elme Communities during the fourth quarter valued at about $197,000. 87.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ELME shares. Wells Fargo & Company boosted their target price on Elme Communities from $17.00 to $19.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Truist Financial upgraded shares of Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th.

Elme Communities Price Performance

Shares of ELME stock opened at $15.31 on Friday. The firm has a market cap of $1.35 billion, a P/E ratio of -109.32 and a beta of 0.84. The business’s 50 day moving average price is $16.60 and its 200-day moving average price is $16.24. Elme Communities has a fifty-two week low of $13.95 and a fifty-two week high of $18.49. 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) last announced its earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, beating 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%. On average, equities research analysts anticipate that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 3rd. Investors of record on Wednesday, March 19th were paid a $0.18 dividend. The ex-dividend date was Wednesday, March 19th. This represents a $0.72 annualized dividend and a yield of 4.70%. Elme Communities’s payout ratio is -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.