Elme Communities (NYSE:ELME) Price Target Raised to $19.00

Elme Communities (NYSE:ELME) had its target price increased by equities researchers at Wells Fargo & Company from $17.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 13.27% from the stock’s previous close.

ELME has been the subject of a number of other reports. JPMorgan Chase & Co. downgraded shares of Elme Communities from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $18.00 in a research note on Tuesday, December 17th. Truist Financial raised shares of Elme Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th.

Elme Communities Trading Down 1.6 %

Shares of NYSE ELME opened at $16.77 on Thursday. Elme Communities has a 1-year low of $12.74 and a 1-year high of $18.49. The company has a market cap of $1.48 billion, a PE ratio of -119.81 and a beta of 0.91. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65. The company has a 50-day moving average of $15.28 and a two-hundred day moving average of $16.48.

Elme Communities (NYSE:ELME) last announced its earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.26. Elme Communities had a negative net margin of 5.42% and a negative return on equity of 1.18%. As a group, equities analysts expect that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elme Communities

Several hedge funds have recently bought and sold shares of ELME. Verdence Capital Advisors LLC increased its position in shares of Elme Communities by 5.7% during the third quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company’s stock worth $282,000 after acquiring an additional 867 shares in the last quarter. Hunter Perkins Capital Management LLC increased its position in shares of Elme Communities by 3.9% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 23,215 shares of the company’s stock worth $354,000 after acquiring an additional 875 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Elme Communities by 35.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after acquiring an additional 885 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Elme Communities by 0.8% during the third quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company’s stock worth $2,239,000 after acquiring an additional 954 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of Elme Communities by 9.5% during the third quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after acquiring an additional 1,000 shares in the last quarter. 87.88% of the stock is currently owned by institutional investors and hedge funds.

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.