Short Interest in Elme Communities (NYSE:ELME) Rises By 9.0%

Elme Communities (NYSE:ELME) saw a significant growth in short interest in August. As of August 15th, there was short interest totalling 1,940,000 shares, a growth of 9.0% from the July 31st total of 1,780,000 shares. Based on an average trading volume of 489,700 shares, the short-interest ratio is presently 4.0 days. Currently, 2.2% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Separately, Truist Financial raised their price target on shares of Elme Communities from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Wednesday, May 15th.

Hedge Funds Weigh In On Elme Communities

Several hedge funds and other institutional investors have recently modified their holdings of ELME. GAMMA Investing LLC purchased a new position in Elme Communities in the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC increased its position in shares of Elme Communities by 162.5% during the 1st 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. Archer Investment Corp increased its position in shares of Elme Communities by 308.2% during the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company’s stock valued at $28,000 after purchasing an additional 1,350 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Elme Communities by 438.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock valued at $29,000 after purchasing an additional 1,494 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Elme Communities during the 1st quarter valued at about $167,000. 87.88% of the stock is owned by institutional investors.

Elme Communities Stock Performance

ELME stock traded up $0.06 on Tuesday, hitting $17.72. The company had a trading volume of 296,235 shares, compared to its average volume of 603,731. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.61. Elme Communities has a 12-month low of $12.44 and a 12-month high of $17.80. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -29.07 and a beta of 0.90. The stock’s 50-day simple moving average is $16.53 and its 200 day simple moving average is $15.28.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $0.72 annualized dividend and a dividend yield of 4.06%. Elme Communities’s payout ratio is -118.03%.

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.