Elme Communities (NYSE:ELME) Sets New 12-Month High – Should You Buy?

Elme Communities (NYSE:ELME)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $19.99 and last traded at $17.15, with a volume of 646 shares. The stock had previously closed at $17.18.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ELME. JPMorgan Chase & Co. cut Elme Communities from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $19.00 to $18.00 in a report on Tuesday, December 17th. Wells Fargo & Company boosted their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, Truist Financial upgraded Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th.

Elme Communities Trading Down 1.4 %

The stock has a market cap of $1.50 billion, a PE ratio of -122.06 and a beta of 0.86. 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’s 50-day moving average price is $15.62 and its 200 day moving average price is $16.50.

Elme Communities (NYSE:ELME) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.23 EPS 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 forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Wednesday, March 19th. Elme Communities’s payout ratio is -514.29%.

Institutional Trading of Elme Communities

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELME. Sterling Capital Management LLC raised its position in Elme Communities by 817.9% in the fourth 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 period. KBC Group NV raised its position in Elme Communities by 51.8% in the third quarter. KBC Group NV now owns 4,526 shares of the company’s stock valued at $80,000 after purchasing an additional 1,544 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Elme Communities in the third quarter valued at approximately $86,000. Metis Global Partners LLC purchased a new stake in Elme Communities in the fourth quarter valued at approximately $154,000. Finally, NewEdge Advisors LLC raised its position in Elme Communities by 6,041.7% in the fourth quarter. NewEdge Advisors LLC now owns 10,748 shares of the company’s stock valued at $164,000 after purchasing an additional 10,573 shares during the period. Hedge funds and other institutional investors own 87.88% of the company’s stock.

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.