Atlantic Union Bankshares Corp Invests $187,000 in Elme Communities $ELME

Atlantic Union Bankshares Corp purchased a new stake in shares of Elme Communities (NYSE:ELME) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,753 shares of the company’s stock, valued at approximately $187,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELME. Cbre Investment Management Listed Real Assets LLC increased its position in Elme Communities by 119.3% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,459,062 shares of the company’s stock valued at $42,788,000 after purchasing an additional 1,337,974 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of Elme Communities during the 1st quarter valued at about $924,000. New York State Common Retirement Fund increased its position in shares of Elme Communities by 91.1% during the first quarter. New York State Common Retirement Fund now owns 55,311 shares of the company’s stock valued at $962,000 after buying an additional 26,369 shares during the period. Principal Financial Group Inc. raised its stake in Elme Communities by 2.7% in the first quarter. Principal Financial Group Inc. now owns 438,383 shares of the company’s stock worth $7,628,000 after buying an additional 11,581 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in Elme Communities in the first quarter worth about $530,000. Institutional investors own 87.88% of the company’s stock.

Analyst Ratings Changes

ELME has been the subject of several research reports. JPMorgan Chase & Co. decreased their target price on Elme Communities from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, October 21st. Weiss Ratings downgraded Elme Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday. Wall Street Zen lowered Elme Communities from a “hold” rating to a “sell” rating in a research report on Friday, September 26th. Finally, Truist Financial reaffirmed a “hold” rating on shares of Elme Communities in a research report on Thursday, September 11th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $18.50.

Elme Communities Stock Up 1.1%

ELME stock opened at $16.74 on Monday. Elme Communities has a twelve month low of $13.95 and a twelve month high of $18.08. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.78. The firm has a market cap of $1.48 billion, a PE ratio of -11.02 and a beta of 0.97. The business has a 50 day moving average of $16.81 and a 200 day moving average of $16.38.

Elme Communities (NYSE:ELME) last released its earnings results on Thursday, October 23rd. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). Elme Communities had a negative return on equity of 13.15% and a negative net margin of 54.57%.The company had revenue of $62.10 million during the quarter, compared to the consensus estimate of $62.17 million. During the same period last year, the firm posted $0.23 earnings per share. The company’s revenue was up 1.7% compared to the same quarter last year. On average, research analysts forecast that Elme Communities will post 0.94 EPS for the current fiscal year.

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.