Elme Communities (NYSE:ELME) Rating Increased to Buy at Truist Financial

Elme Communities (NYSE:ELME) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a report released on Friday, Marketbeat reports.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Elme Communities from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $18.00 in a research report on Tuesday, December 17th. Wolfe Research initiated coverage on Elme Communities in a research report on Monday, October 21st. They set a “peer perform” rating for the company.

Elme Communities Price Performance

NYSE ELME traded up $0.24 during midday trading on Friday, hitting $14.97. The company had a trading volume of 232,407 shares, compared to its average volume of 483,824. The company has a market capitalization of $1.32 billion, a PE ratio of -99.93 and a beta of 0.90. Elme Communities has a twelve month low of $12.74 and a twelve month high of $18.49. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average price of $15.83 and a 200-day moving average price of $16.59.

Elme Communities (NYSE:ELME) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.27). Elme Communities had a negative return on equity of 1.17% and a negative net margin of 5.51%. The firm had revenue of $61.06 million for the quarter, compared to the consensus estimate of $60.31 million. During the same period in the prior year, the company earned $0.24 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, analysts anticipate that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ELME. Mirae Asset Global Investments Co. Ltd. raised its position in Elme Communities by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock valued at $60,000 after purchasing an additional 885 shares during the last quarter. KBC Group NV raised its holdings in Elme Communities by 51.8% in the 3rd quarter. KBC Group NV now owns 4,526 shares of the company’s stock valued at $80,000 after buying an additional 1,544 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Elme Communities during the 3rd quarter worth approximately $86,000. Blue Trust Inc. grew its holdings in Elme Communities by 888.4% during the 3rd quarter. Blue Trust Inc. now owns 10,675 shares of the company’s stock worth $188,000 after acquiring an additional 9,595 shares during the last quarter. Finally, M&T Bank Corp increased its position in Elme Communities by 9.5% in the 3rd quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock valued at $203,000 after acquiring an additional 1,000 shares during the period. 87.88% of the stock is currently owned by institutional investors.

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.