Elme Communities (NYSE:ELME) Shares Gap Down – Here’s Why

Elme Communities (NYSE:ELME)’s share price gapped down before the market opened on Monday . The stock had previously closed at $17.05, but opened at $16.70. Elme Communities shares last traded at $16.67, with a volume of 155,036 shares.

Wall Street Analysts Forecast Growth

ELME has been the topic of several recent research reports. Wells Fargo & Company lifted 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 began coverage on Elme Communities in a report on Monday. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, September 16th.

Elme Communities Stock Down 1.3 %

The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -27.50 and a beta of 0.90. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.55 and a quick ratio of 0.55. The firm’s fifty day moving average is $17.42 and its two-hundred day moving average is $16.26.

Elme Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Thursday, September 19th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.28%. The ex-dividend date was Thursday, September 19th. Elme Communities’s dividend payout ratio (DPR) is presently -116.13%.

Institutional Investors Weigh In On Elme Communities

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ELME. Renaissance Technologies LLC increased its position in shares of Elme Communities by 7.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company’s stock valued at $16,508,000 after purchasing an additional 69,014 shares during the period. GAMMA Investing LLC raised its position in Elme Communities by 149.2% in the second quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock worth $46,000 after acquiring an additional 1,725 shares in the last quarter. TCW Group Inc. lifted its holdings in Elme Communities by 123.8% in the 2nd quarter. TCW Group Inc. now owns 123,104 shares of the company’s stock valued at $1,961,000 after acquiring an additional 68,103 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Elme Communities by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 17,722 shares of the company’s stock valued at $247,000 after acquiring an additional 1,218 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Elme Communities by 6.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 54,540 shares of the company’s stock worth $760,000 after purchasing an additional 3,152 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

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.