Elme Communities (NYSE:ELME) Announces Earnings Results

Elme Communities (NYSE:ELME) announced its quarterly earnings data on Monday. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27), Zacks reports. Elme Communities had a negative return on equity of 1.16% and a negative net margin of 5.51%. The firm had revenue of $61.06 million during the quarter, compared to analyst estimates of $60.31 million. During the same quarter in the previous year, the business earned $0.24 earnings per share. Elme Communities’s revenue for the quarter was up 7.8% compared to the same quarter last year. Elme Communities updated its FY24 guidance to $0.92-0.94 EPS and its FY 2024 guidance to 0.920-0.940 EPS.

Elme Communities Stock Performance

Elme Communities stock traded up $0.27 during trading on Wednesday, hitting $17.17. The stock had a trading volume of 291,073 shares, compared to its average volume of 580,071. The stock’s 50 day moving average is $17.38 and its two-hundred day moving average is $16.46. Elme Communities has a 1 year low of $12.74 and a 1 year high of $18.49. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -112.63 and a beta of 0.89. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.61.

Elme Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Thursday, December 19th will be given a $0.18 dividend. The ex-dividend date is Thursday, December 19th. This represents a $0.72 annualized dividend and a yield of 4.19%. Elme Communities’s dividend payout ratio is currently -479.97%.

Analyst Ratings Changes

ELME has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on shares of Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Wolfe Research assumed coverage on Elme Communities in a research report on Monday, October 21st. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, September 16th.

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.