Point72 Asset Management L.P. Invests $211,000 in Elme Communities (NYSE:ELME)

Point72 Asset Management L.P. acquired a new position in shares of Elme Communities (NYSE:ELME) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 12,000 shares of the company’s stock, valued at approximately $211,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System boosted its position in shares of Elme Communities by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 44,300 shares of the company’s stock worth $706,000 after buying an additional 800 shares during the period. Van ECK Associates Corp boosted its holdings in Elme Communities by 6.8% during the 2nd quarter. Van ECK Associates Corp now owns 13,465 shares of the company’s stock valued at $214,000 after acquiring an additional 858 shares during the period. Verdence Capital Advisors LLC grew its position in Elme Communities by 5.7% in the 3rd quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company’s stock valued at $282,000 after acquiring an additional 867 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in 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 purchasing an additional 885 shares during the period. Finally, Inspire Investing LLC lifted its position in shares of Elme Communities by 5.9% during the third quarter. Inspire Investing LLC now owns 23,419 shares of the company’s stock worth $412,000 after purchasing an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Price Performance

Shares of ELME opened at $16.53 on Friday. 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’s fifty day simple moving average is $16.80 and its 200-day simple moving average is $16.65. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -110.19 and a beta of 0.89. Elme Communities has a twelve month low of $12.74 and a twelve month high of $18.49.

Elme Communities (NYSE:ELME) last released its quarterly earnings data 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). Elme Communities had a negative return on equity of 1.17% and a negative net margin of 5.51%. The business had revenue of $61.06 million for the quarter, compared to analyst estimates of $60.31 million. During the same period in the prior year, the company posted $0.24 earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. Equities analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

Elme Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Thursday, December 19th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.72 annualized dividend and a yield of 4.36%. Elme Communities’s dividend payout ratio is currently -479.97%.

Wall Street Analysts Forecast Growth

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

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.