Elme Communities (NYSE:ELME) Given New $18.00 Price Target at JPMorgan Chase & Co.

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

Several other analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Elme Communities from a “hold” rating to a “sell” rating in a research note on Friday, September 26th. Truist Financial reissued a “hold” rating on shares of Elme Communities in a research note on Thursday, September 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Elme Communities in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Elme Communities has a consensus rating of “Hold” and a consensus target price of $18.50.

Elme Communities Price Performance

Shares of Elme Communities stock opened at $16.80 on Tuesday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.48 billion, a PE ratio of -111.99 and a beta of 1.01. The business’s 50-day moving average price is $16.88 and its 200-day moving average price is $16.24. Elme Communities has a 12 month low of $13.95 and a 12 month high of $18.08.

Elme Communities (NYSE:ELME) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The firm had revenue of $62.10 million for the quarter, compared to analyst estimates of $61.63 million. Elme Communities had a negative return on equity of 1.33% and a negative net margin of 5.78%.The company’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.23 EPS. Sell-side analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Wednesday, September 17th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 4.3%. The ex-dividend date was Wednesday, September 17th. Elme Communities’s dividend payout ratio (DPR) is presently -480.00%.

Institutional Investors Weigh In On Elme Communities

Large investors have recently made changes to their positions in the business. CWM LLC grew its position in shares of Elme Communities by 240.1% in the 2nd quarter. CWM LLC now owns 2,078 shares of the company’s stock worth $33,000 after buying an additional 1,467 shares during the last quarter. Employees Retirement System of Texas bought a new stake in shares of Elme Communities in the 2nd quarter worth approximately $38,000. EverSource Wealth Advisors LLC lifted its stake in shares of Elme Communities by 39.9% in the 2nd 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 period. State of Wyoming purchased a new position in shares of Elme Communities in the 1st quarter valued at approximately $66,000. Finally, GAMMA Investing LLC lifted its stake in shares of Elme Communities by 20.8% in the 3rd 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 period. 87.88% of the stock is currently owned by institutional investors.

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.