Elme Communities (NYSE:ELME) Releases Quarterly Earnings Results, Misses Expectations By $0.27 EPS

Elme Communities (NYSE:ELME) announced its quarterly earnings results on Monday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27), Zacks reports. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.16%. The business had revenue of $61.06 million for the quarter, compared to analysts’ expectations of $60.31 million. During the same quarter in the prior year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Elme Communities updated its FY24 guidance to $0.92-0.94 EPS and its FY 2024 guidance to 0.920-0.940 EPS.

Elme Communities Price Performance

ELME stock traded up $0.42 during trading on Wednesday, reaching $17.32. The company’s stock had a trading volume of 1,419,156 shares, compared to its average volume of 585,317. The company’s fifty day moving average is $17.38 and its 200-day moving average is $16.46. The company has a market capitalization of $1.52 billion, a P/E ratio of -112.63 and a beta of 0.89. Elme Communities has a 1 year low of $12.74 and a 1 year high of $18.49. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.61.

Elme Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend is Thursday, December 19th. Elme Communities’s dividend payout ratio (DPR) is currently -479.97%.

Analysts Set New Price Targets

ELME has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Wolfe Research assumed coverage on shares of Elme Communities in a research report on Monday, October 21st. They set a “peer perform” rating on the stock. Finally, Wells Fargo & Company raised their target price on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th.

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.