Elme Communities (NYSE:ELME) Issues FY 2024 Earnings Guidance

Elme Communities (NYSE:ELME) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.920-0.940 for the period, compared to the consensus earnings per share estimate of 0.930. The company issued revenue guidance of -. Elme Communities also updated its FY24 guidance to $0.92-0.94 EPS.

Elme Communities Trading Down 0.2 %

Shares of NYSE:ELME traded down $0.03 during midday trading on Thursday, hitting $17.26. 500,990 shares of the stock were exchanged, compared to its average volume of 583,682. The business’s 50-day moving average price is $17.38 and its 200 day moving average price is $16.46. Elme Communities has a 12 month low of $12.74 and a 12 month high of $18.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -115.43 and a beta of 0.89.

Elme Communities (NYSE:ELME) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.27). The business had revenue of $61.06 million for the quarter, compared to the consensus estimate of $60.31 million. Elme Communities had a negative net margin of 5.51% and a negative return on equity of 1.16%. Elme Communities’s revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.24 EPS. Analysts predict that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Thursday, December 19th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date is Thursday, December 19th. Elme Communities’s dividend payout ratio is currently -480.00%.

Analyst Ratings Changes

A number of brokerages have weighed in on ELME. JPMorgan Chase & Co. lifted their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Wells Fargo & Company boosted their target price on Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Finally, Wolfe Research assumed coverage on Elme Communities in a report on Monday, October 21st. They issued a “peer perform” rating on the 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.