Elme Communities (NYSE:ELME) Downgraded to “Neutral” Rating by JPMorgan Chase & Co.

Elme Communities (NYSE:ELME) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. They currently have a $18.00 price target on the stock, down from their previous price target of $19.00. JPMorgan Chase & Co.‘s price target points to a potential upside of 10.13% from the company’s current price.

ELME has been the subject of a number of other research reports. Wolfe Research initiated coverage on shares of Elme Communities in a report on Monday, October 21st. They set a “peer perform” rating for the company. Wells Fargo & Company upped their target price on Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, September 13th.

Elme Communities Stock Performance

NYSE:ELME opened at $16.35 on Tuesday. The stock has a 50 day simple moving average of $16.77 and a 200 day simple moving average of $16.69. The stock has a market cap of $1.44 billion, a P/E ratio of -108.96 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 current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63.

Elme Communities (NYSE:ELME) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27). Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. The business had revenue of $61.06 million during the quarter, compared to the consensus estimate of $60.31 million. During the same period in the prior year, the firm earned $0.24 EPS. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. Research analysts anticipate that Elme Communities will post 0.94 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Archer Investment Corp lifted its stake in shares of Elme Communities by 308.2% in the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company’s stock valued at $28,000 after purchasing an additional 1,350 shares during the period. Fifth Third Bancorp lifted its stake in Elme Communities by 438.1% in the second quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock valued at $29,000 after buying an additional 1,494 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Elme Communities by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after buying an additional 885 shares in the last quarter. KBC Group NV grew its position in shares of Elme Communities by 51.8% during the 3rd 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 period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Elme Communities in the 3rd quarter valued at $86,000. Institutional investors and hedge funds own 87.88% of the company’s stock.

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.