Elme Communities (NYSE:ELME) Raised to “Buy” at Truist Financial

Elme Communities (NYSE:ELME) was upgraded by Truist Financial from a “hold” rating to a “buy” rating in a research note issued on Friday, Marketbeat.com reports.

Several other research analysts have also commented on ELME. Wolfe Research started coverage on shares of Elme Communities in a research note on Monday, October 21st. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. lowered shares of Elme Communities from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $18.00 in a research note on Tuesday, December 17th.

Elme Communities Stock Performance

Shares of ELME stock opened at $14.81 on Friday. The company has a 50-day moving average of $15.77 and a two-hundred day moving average of $16.59. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.63. Elme Communities has a 1-year low of $12.74 and a 1-year high of $18.49.

Elme Communities (NYSE:ELME) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $60.31 million. During the same period in the previous year, the business posted $0.24 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities analysts anticipate that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Institutional Trading of Elme Communities

Several hedge funds have recently added to or reduced their stakes in ELME. Mirae Asset Global Investments Co. Ltd. raised its holdings in Elme Communities by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock valued at $60,000 after acquiring an additional 885 shares in the last quarter. KBC Group NV raised 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 purchasing an additional 1,544 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Elme Communities during the third quarter worth approximately $86,000. Blue Trust Inc. raised its holdings in Elme Communities by 888.4% during the third quarter. Blue Trust Inc. now owns 10,675 shares of the company’s stock worth $188,000 after purchasing an additional 9,595 shares in the last quarter. Finally, M&T Bank Corp raised its holdings in Elme Communities by 9.5% during the third quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after purchasing an additional 1,000 shares in the last quarter. 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.