MQS Management LLC Buys New Position in Elme Communities (NYSE:ELME)

MQS Management LLC acquired a new stake in shares of Elme Communities (NYSE:ELME) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 27,165 shares of the company’s stock, valued at approximately $478,000.

Several other hedge funds also recently made changes to their positions in the business. Thornburg Investment Management Inc. raised its holdings in Elme Communities by 4.2% during the 1st quarter. Thornburg Investment Management Inc. now owns 2,455,668 shares of the company’s stock worth $34,183,000 after buying an additional 100,000 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Elme Communities by 1.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,124,355 shares of the company’s stock valued at $37,367,000 after acquiring an additional 20,555 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Elme Communities by 1.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,259,876 shares of the company’s stock worth $20,069,000 after purchasing an additional 17,387 shares in the last quarter. Renaissance Technologies LLC raised its stake in Elme Communities by 7.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company’s stock valued at $16,508,000 after purchasing an additional 69,014 shares during the period. Finally, V3 Capital Management L.P. purchased a new stake in shares of Elme Communities in the first quarter valued at $13,738,000. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Stock Performance

Shares of NYSE ELME opened at $16.99 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.55 and a quick ratio of 0.55. Elme Communities has a one year low of $12.74 and a one year high of $18.49. The business’s 50-day moving average price is $17.35 and its two-hundred day moving average price is $16.54. The company has a market capitalization of $1.50 billion, a P/E ratio of -113.26 and a beta of 0.89.

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

Elme Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Thursday, December 19th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, December 19th. This represents a $0.72 annualized dividend and a yield of 4.24%. Elme Communities’s dividend payout ratio (DPR) is currently -479.97%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ELME shares. JPMorgan Chase & Co. upped their price target on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Wells Fargo & Company increased their price target on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. Finally, Wolfe Research started coverage on shares of Elme Communities in a report on Monday, October 21st. They set a “peer perform” rating for the company.

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.