Elme Communities (NYSE:ELME) Given New $17.00 Price Target at Wells Fargo & Company

Elme Communities (NYSE:ELME) had its price objective lifted by Wells Fargo & Company from $14.00 to $17.00 in a research report sent to investors on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Elme Communities Trading Down 0.3 %

Shares of NYSE ELME opened at $18.21 on Friday. The stock has a market capitalization of $1.60 billion, a P/E ratio of -29.85 and a beta of 0.90. The business has a fifty day moving average price of $16.93 and a 200 day moving average price of $15.56. Elme Communities has a 1-year low of $12.44 and a 1-year high of $18.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.55 and a quick ratio of 0.55.

Elme Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date is Thursday, September 19th. Elme Communities’s dividend payout ratio (DPR) is -118.03%.

Institutional Trading of Elme Communities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC boosted its stake in shares of Elme Communities by 37.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 175,037 shares of the company’s stock valued at $2,788,000 after buying an additional 47,859 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Elme Communities by 3.1% in the second quarter. The Manufacturers Life Insurance Company now owns 74,951 shares of the company’s stock worth $1,194,000 after acquiring an additional 2,257 shares during the last quarter. DigitalBridge Group Inc. purchased a new position in Elme Communities in the second quarter worth approximately $8,132,000. Caxton Associates LP grew its holdings in Elme Communities by 35.7% during the 2nd quarter. Caxton Associates LP now owns 56,592 shares of the company’s stock worth $902,000 after acquiring an additional 14,893 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Elme Communities in the 2nd quarter valued at $1,419,000. 87.88% of the stock is currently owned by hedge funds and other 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.