Elme Communities (NYSE:ELME) Sees Significant Growth in Short Interest

Elme Communities (NYSE:ELME) was the recipient of a large increase in short interest in June. As of June 30th, there was short interest totalling 1,690,000 shares, an increase of 16.6% from the June 15th total of 1,450,000 shares. Based on an average daily trading volume, of 640,800 shares, the days-to-cover ratio is currently 2.6 days. Currently, 2.0% of the shares of the stock are sold short.

Elme Communities Trading Up 0.8 %

Shares of Elme Communities stock traded up $0.13 during trading on Monday, reaching $15.95. The company’s stock had a trading volume of 483,352 shares, compared to its average volume of 653,377. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.60. Elme Communities has a 52-week low of $12.44 and a 52-week high of $16.60. The firm’s 50-day moving average is $15.57 and its two-hundred day moving average is $14.67. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -26.05 and a beta of 0.89.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 3rd. Stockholders of record on Thursday, June 20th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.51%. Elme Communities’s dividend payout ratio (DPR) is currently -118.03%.

Analyst Ratings Changes

Separately, Truist Financial lifted their price target on Elme Communities from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday, May 15th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC bought a new position in Elme Communities during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its position in Elme Communities by 162.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company’s stock valued at $27,000 after purchasing an additional 1,100 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Elme Communities by 116.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,117 shares of the company’s stock valued at $60,000 after purchasing an additional 2,218 shares during the period. Quadrature Capital Ltd bought a new position in shares of Elme Communities in the first quarter worth approximately $167,000. Finally, Van ECK Associates Corp increased its stake in shares of Elme Communities by 19.7% in the fourth quarter. Van ECK Associates Corp now owns 12,318 shares of the company’s stock worth $180,000 after buying an additional 2,025 shares during the period. 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.