JPMorgan Chase & Co. Cuts Elme Communities (NYSE:ELME) Price Target to $18.00

Elme Communities (NYSE:ELME) had its price objective reduced by JPMorgan Chase & Co. from $19.00 to $18.00 in a research report report published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other analysts also recently issued reports about the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Elme Communities in a research report on Wednesday, October 8th. Truist Financial restated a “hold” rating on shares of Elme Communities in a research note on Thursday, September 11th. Finally, Wall Street Zen lowered Elme Communities from a “hold” rating to a “sell” rating in a research note on Friday, September 26th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Elme Communities presently has a consensus rating of “Hold” and an average target price of $18.50.

Elme Communities Stock Up 0.7%

NYSE:ELME opened at $16.97 on Tuesday. Elme Communities has a twelve month low of $13.95 and a twelve month high of $18.08. The company has a market cap of $1.50 billion, a price-to-earnings ratio of -113.14 and a beta of 1.01. The stock has a fifty day simple moving average of $16.89 and a 200-day simple moving average of $16.25. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.67.

Elme Communities (NYSE:ELME) last released its earnings results on Thursday, October 23rd. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). Elme Communities had a negative return on equity of 1.33% and a negative net margin of 5.78%.The business had revenue of $62.10 million for the quarter, compared to the consensus estimate of $62.17 million. During the same quarter last year, the business posted $0.23 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Analysts anticipate that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Wednesday, September 17th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.2%. The ex-dividend date was Wednesday, September 17th. Elme Communities’s payout ratio is -480.00%.

Hedge Funds Weigh In On Elme Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELME. CWM LLC grew its stake in Elme Communities by 240.1% in the second quarter. CWM LLC now owns 2,078 shares of the company’s stock valued at $33,000 after purchasing an additional 1,467 shares during the last quarter. Employees Retirement System of Texas purchased a new position in Elme Communities in the second quarter valued at about $38,000. EverSource Wealth Advisors LLC grew its stake in Elme Communities by 39.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock valued at $51,000 after purchasing an additional 922 shares during the last quarter. State of Wyoming purchased a new position in Elme Communities in the first quarter valued at about $66,000. Finally, GAMMA Investing LLC grew its stake in Elme Communities by 20.8% in the third quarter. GAMMA Investing LLC now owns 4,001 shares of the company’s stock valued at $67,000 after purchasing an additional 688 shares during the last quarter. Hedge funds and other institutional investors own 87.88% of the company’s stock.

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.