AlphaQuest LLC Reduces Stock Holdings in Elme Communities (NYSE:ELME)

AlphaQuest LLC reduced its stake in Elme Communities (NYSE:ELME) by 25.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,930 shares of the company’s stock after selling 19,148 shares during the period. AlphaQuest LLC’s holdings in Elme Communities were worth $869,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Jane Street Group LLC grew its position in shares of Elme Communities by 50.8% during the third quarter. Jane Street Group LLC now owns 169,361 shares of the company’s stock worth $2,979,000 after acquiring an additional 57,038 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Elme Communities during the third quarter worth approximately $975,000. Charles Schwab Investment Management Inc. grew its position in shares of Elme Communities by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,719,212 shares of the company’s stock worth $30,241,000 after acquiring an additional 53,505 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Elme Communities during the third quarter worth approximately $541,000. Finally, Barclays PLC grew its position in shares of Elme Communities by 64.9% during the third quarter. Barclays PLC now owns 177,438 shares of the company’s stock worth $3,121,000 after acquiring an additional 69,835 shares during the last quarter. 87.88% of the stock is currently owned by hedge funds and other institutional investors.

Elme Communities Price Performance

Shares of NYSE ELME opened at $17.08 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55. The stock has a fifty day moving average price of $15.71 and a 200 day moving average price of $16.50. Elme Communities has a 1-year low of $12.81 and a 1-year high of $18.49. The company has a market cap of $1.50 billion, a PE ratio of -122.01 and a beta of 0.86.

Elme Communities (NYSE:ELME) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.26. Elme Communities had a negative return on equity of 1.18% and a negative net margin of 5.42%. Sell-side analysts forecast that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date of this dividend is Wednesday, March 19th. Elme Communities’s dividend payout ratio (DPR) is currently -514.29%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ELME. Truist Financial upgraded shares of Elme Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. lowered shares of 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 research report on Tuesday, December 17th. Finally, Wells Fargo & Company increased their price target on Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th.

Elme Communities 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.