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

Elme Communities (NYSE:ELME) had its price target upped by Wells Fargo & Company from $14.00 to $17.00 in a report released on Friday, Benzinga reports. The firm currently has an equal weight rating on the stock.

Elme Communities Trading Down 0.3 %

ELME opened at $18.21 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.61. Elme Communities has a 52 week low of $12.44 and a 52 week high of $18.45. The business’s 50 day moving average is $16.93 and its two-hundred day moving average is $15.56. 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 Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Thursday, September 19th. This represents a $0.72 annualized dividend and a yield of 3.95%. Elme Communities’s dividend payout ratio is currently -118.03%.

Hedge Funds Weigh In On Elme Communities

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. V3 Capital Management L.P. acquired a new position in shares of Elme Communities during the 1st quarter worth $13,738,000. DigitalBridge Group Inc. acquired a new stake in shares of Elme Communities in the second quarter valued at approximately $8,132,000. Cbre Investment Management Listed Real Assets LLC increased its stake 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 purchasing an additional 389,207 shares in the last quarter. Hunter Perkins Capital Management LLC raised its position in shares of Elme Communities by 990.8% during the 2nd quarter. Hunter Perkins Capital Management LLC now owns 325,865 shares of the company’s stock worth $5,224,000 after purchasing an additional 295,990 shares during the last quarter. Finally, William Blair Investment Management LLC raised its position in shares of Elme Communities by 16.9% during the 1st quarter. William Blair Investment Management LLC now owns 1,950,033 shares of the company’s stock worth $27,144,000 after purchasing an additional 281,199 shares during the last quarter. 87.88% of the stock is owned by institutional investors and hedge funds.

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.