Elme Communities (NYSE:ELME) is HGI Capital Management LLC’s Largest Position

HGI Capital Management LLC cut its holdings in shares of Elme Communities (NYSE:ELME) by 13.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,225,520 shares of the company’s stock after selling 344,434 shares during the quarter. Elme Communities comprises approximately 34.1% of HGI Capital Management LLC’s investment portfolio, making the stock its biggest position. HGI Capital Management LLC owned 2.53% of Elme Communities worth $39,147,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in Elme Communities by 162.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,777 shares of the company’s stock worth $27,000 after acquiring an additional 1,100 shares in the last quarter. Archer Investment Corp lifted its stake in Elme Communities by 308.2% during the 2nd quarter. Archer Investment Corp now owns 1,788 shares of the company’s stock worth $28,000 after acquiring an additional 1,350 shares in the last quarter. Fifth Third Bancorp lifted its stake in Elme Communities by 438.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock worth $29,000 after acquiring an additional 1,494 shares in the last quarter. GAMMA Investing LLC lifted its stake in Elme Communities by 149.2% during the 2nd 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. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Elme Communities by 35.0% during the 3rd 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. 87.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Elme Communities Stock Performance

Shares of NYSE ELME opened at $16.95 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.55 and a quick ratio of 0.55. Elme Communities has a fifty-two week low of $12.74 and a fifty-two week high of $18.49. The stock’s 50-day simple moving average is $17.02 and its 200-day simple moving average is $16.61.

Elme Communities (NYSE:ELME) last issued its earnings results 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 business had revenue of $61.06 million for the quarter, compared to analyst estimates of $60.31 million. During the same period last year, the business posted $0.24 EPS. Elme Communities’s revenue was up 7.8% on a year-over-year basis. Equities research analysts forecast that Elme Communities will post 0.94 EPS for the current year.

Elme Communities Dividend Announcement

The company 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 is Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.25%. Elme Communities’s dividend payout ratio is presently -479.97%.

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.