Elme Communities (NYSE:ELME) Shares Acquired by M&T Bank Corp

M&T Bank Corp boosted its stake in Elme Communities (NYSE:ELME) by 9.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,525 shares of the company’s stock after purchasing an additional 1,000 shares during the period. M&T Bank Corp’s holdings in Elme Communities were worth $203,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in shares of Elme Communities by 64.9% in the 3rd quarter. Barclays PLC now owns 177,438 shares of the company’s stock valued at $3,121,000 after purchasing an additional 69,835 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Elme Communities by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company’s stock valued at $2,239,000 after buying an additional 954 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Elme Communities by 1.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 108,900 shares of the company’s stock valued at $1,916,000 after buying an additional 1,600 shares during the period. Jane Street Group LLC increased its stake in Elme Communities by 50.8% in the 3rd quarter. Jane Street Group LLC now owns 169,361 shares of the company’s stock valued at $2,979,000 after buying an additional 57,038 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in Elme Communities during the 3rd quarter worth $211,000. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Stock Performance

NYSE:ELME opened at $14.87 on Friday. The stock has a market cap of $1.31 billion, a PE ratio of -99.13 and a beta of 0.89. Elme Communities has a fifty-two week low of $12.74 and a fifty-two week high of $18.49. The firm’s fifty day simple moving average is $16.73 and its 200-day simple moving average is $16.68. 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 (NYSE:ELME) last posted its quarterly earnings results 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). The company had revenue of $61.06 million for the quarter, compared to analyst estimates of $60.31 million. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.17%. Elme Communities’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 earnings per share. Analysts expect that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend is Thursday, December 19th. Elme Communities’s dividend payout ratio is currently -480.00%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ELME. Wolfe Research started coverage on shares of Elme Communities in a report on Monday, October 21st. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. lowered 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 report on Tuesday. Finally, Wells Fargo & Company increased 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 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.