Yoffe Investment Management LLC Invests $422,000 in Elme Communities (NYSE:ELME)

Yoffe Investment Management LLC bought a new stake in Elme Communities (NYSE:ELME) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 27,655 shares of the company’s stock, valued at approximately $422,000.

A number of other hedge funds also recently bought and sold shares of ELME. FMR LLC raised its stake in shares of Elme Communities by 3.1% in the third quarter. FMR LLC now owns 5,637,288 shares of the company’s stock valued at $99,160,000 after acquiring an additional 171,486 shares during the period. Geode Capital Management LLC lifted its stake in Elme Communities by 0.6% in the third quarter. Geode Capital Management LLC now owns 2,234,902 shares of the company’s stock worth $39,319,000 after purchasing an additional 12,999 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Elme Communities by 0.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,143,320 shares of the company’s stock valued at $32,321,000 after buying an additional 18,965 shares during the period. William Blair Investment Management LLC grew its stake in shares of Elme Communities by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 1,934,863 shares of the company’s stock valued at $29,545,000 after buying an additional 46,755 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Elme Communities by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,730,227 shares of the company’s stock worth $26,421,000 after buying an additional 11,015 shares during the period. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Truist Financial raised Elme Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company lifted their price objective on shares of Elme Communities from $17.00 to $19.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. downgraded shares of Elme Communities from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $19.00 to $18.00 in a research note on Tuesday, December 17th.

Elme Communities Stock Performance

ELME stock opened at $16.66 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55. Elme Communities has a 1-year low of $13.61 and a 1-year high of $18.49. The business has a 50-day moving average price of $16.61 and a 200 day moving average price of $16.45. The company has a market capitalization of $1.47 billion, a P/E ratio of -118.96 and a beta of 0.86.

Elme Communities (NYSE:ELME) last announced 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 net margin of 5.42% and a negative return on equity of 1.18%. As a group, equities research analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 3rd. Investors of record on Wednesday, March 19th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date was Wednesday, March 19th. Elme Communities’s payout ratio is currently -514.29%.

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.