Elme Communities (NYSE:ELME) Price Target Raised to $19.00 at JPMorgan Chase & Co.

Elme Communities (NYSE:ELME) had its target price lifted by JPMorgan Chase & Co. from $17.00 to $19.00 in a research note published on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Separately, Wells Fargo & Company lifted their price objective on Elme Communities from $14.00 to $17.00 and gave the stock an equal weight rating in a research report on Friday.

Elme Communities Price Performance

Shares of ELME stock opened at $18.21 on Monday. The stock has a 50-day moving average price of $16.93 and a 200 day moving average price of $15.56. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.61. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -29.85 and a beta of 0.90. Elme Communities has a 12 month low of $12.44 and a 12 month high of $18.45.

Elme Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 19th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $0.72 annualized dividend and a dividend yield of 3.95%. Elme Communities’s payout ratio is currently -118.03%.

Hedge Funds Weigh In On Elme Communities

Institutional investors have recently modified their holdings of the stock. Centersquare Investment Management LLC grew its position in shares of Elme Communities by 5.9% during the 4th quarter. Centersquare Investment Management LLC now owns 1,605,919 shares of the company’s stock worth $23,446,000 after buying an additional 89,197 shares during the period. HGI Capital Management LLC acquired a new position in shares of Elme Communities during the 4th quarter worth about $3,289,000. Lighthouse Investment Partners LLC acquired a new position in shares of Elme Communities during the 4th quarter worth about $3,942,000. Cbre Investment Management Listed Real Assets LLC grew its position in shares of Elme Communities by 520.8% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 463,942 shares of the company’s stock worth $6,774,000 after buying an additional 389,207 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Elme Communities by 149.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock worth $46,000 after buying an additional 1,725 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.

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.