Wells Fargo & Company Forecasts Strong Price Appreciation for Elme Communities (NYSE:ELME) Stock

Elme Communities (NYSE:ELME) had its target price hoisted by Wells Fargo & Company from $17.00 to $19.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other brokerages also recently issued reports on ELME. Truist Financial upgraded Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. JPMorgan Chase & Co. downgraded shares of Elme Communities from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $19.00 to $18.00 in a report on Tuesday, December 17th.

Elme Communities Price Performance

Shares of NYSE ELME opened at $17.05 on Thursday. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65. The company has a 50-day moving average price of $15.29 and a 200-day moving average price of $16.48. Elme Communities has a 1 year low of $12.74 and a 1 year high of $18.49.

Elme Communities (NYSE:ELME) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, beating 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, sell-side analysts anticipate that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Wednesday, March 19th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.22%. The ex-dividend date of this dividend is Wednesday, March 19th. Elme Communities’s dividend payout ratio is presently -514.29%.

Institutional Trading of Elme Communities

Hedge funds have recently bought and sold shares of the business. Sterling Capital Management LLC increased its position in shares of Elme Communities by 817.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,818 shares of the company’s stock valued at $43,000 after purchasing an additional 2,511 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in 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 valued at $60,000 after buying an additional 885 shares during the period. KBC Group NV increased its holdings in Elme Communities by 51.8% during the third quarter. KBC Group NV now owns 4,526 shares of the company’s stock worth $80,000 after buying an additional 1,544 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Elme Communities in the third quarter worth about $86,000. Finally, Metis Global Partners LLC purchased a new position in Elme Communities in the fourth quarter valued at about $154,000. 87.88% of the stock is currently owned by institutional investors.

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.