Short Interest in Elme Communities (NYSE:ELME) Declines By 17.3%

Elme Communities (NYSE:ELME) was the recipient of a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 2,050,000 shares, a decline of 17.3% from the March 15th total of 2,480,000 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average daily volume of 677,600 shares, the days-to-cover ratio is currently 3.0 days.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Truist Financial upgraded shares of Elme Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company raised their price objective on Elme Communities from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th.

Institutional Trading of Elme Communities

Institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its stake in Elme Communities by 817.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,818 shares of the company’s stock valued at $43,000 after buying an additional 2,511 shares in the last quarter. Metis Global Partners LLC acquired a new stake in shares of Elme Communities in the fourth quarter worth approximately $154,000. NewEdge Advisors LLC increased its position in shares of Elme Communities by 6,041.7% during the fourth quarter. NewEdge Advisors LLC now owns 10,748 shares of the company’s stock worth $164,000 after purchasing an additional 10,573 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in Elme Communities in the 4th quarter valued at $171,000. Finally, Proficio Capital Partners LLC acquired a new stake in Elme Communities during the 4th quarter worth $180,000. Institutional investors and hedge funds own 87.88% of the company’s stock.

Elme Communities Stock Down 2.4 %

NYSE ELME traded down $0.37 during midday trading on Monday, hitting $14.95. 110,677 shares of the company traded hands, compared to its average volume of 578,492. The company has a market cap of $1.32 billion, a PE ratio of -106.79 and a beta of 0.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.58 and a quick ratio of 0.55. Elme Communities has a 52 week low of $13.95 and a 52 week high of $18.49. The company’s 50-day simple moving average is $16.59 and its 200-day simple moving average is $16.21.

Elme Communities (NYSE:ELME) last announced its earnings results on Thursday, February 13th. The company reported $0.23 EPS 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 research analysts forecast that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Wednesday, March 19th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date was Wednesday, March 19th. Elme Communities’s dividend payout ratio is presently -514.29%.

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.