NewGen Asset Management Ltd Makes New Investment in Elme Communities $ELME

NewGen Asset Management Ltd acquired a new stake in Elme Communities (NYSE:ELME) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 576,764 shares of the company’s stock, valued at approximately $1,159,000. Elme Communities accounts for about 0.4% of NewGen Asset Management Ltd’s portfolio, making the stock its 19th largest position.

A number of other institutional investors have also recently made changes to their positions in ELME. EverSource Wealth Advisors LLC grew its holdings in shares of Elme Communities by 39.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock worth $51,000 after purchasing an additional 922 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in Elme Communities during the 4th quarter valued at $66,000. US Bancorp DE boosted its position in Elme Communities by 43.8% during the 3rd quarter. US Bancorp DE now owns 4,107 shares of the company’s stock valued at $69,000 after buying an additional 1,251 shares during the period. Raymond James Financial Inc. bought a new stake in Elme Communities in the 2nd quarter worth $70,000. Finally, Vestcor Inc bought a new stake in Elme Communities in the 3rd quarter worth $93,000. Hedge funds and other institutional investors own 87.88% of the company’s stock.

Elme Communities Trading Down 1.0%

Shares of NYSE ELME opened at $1.50 on Tuesday. The firm has a fifty day simple moving average of $1.85 and a two-hundred day simple moving average of $2.75. Elme Communities has a 12 month low of $1.26 and a 12 month high of $17.68. The firm has a market capitalization of $133.73 million, a PE ratio of -0.99 and a beta of 0.73.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ELME. BTIG Research reaffirmed a “neutral” rating on shares of Elme Communities in a research note on Monday, April 6th. Weiss Ratings reissued a “sell (d)” rating on shares of Elme Communities in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Elme Communities currently has a consensus rating of “Reduce” and an average target price of $18.00.

Elme Communities Profile

Elme Communities, Inc is a real estate investment trust (REIT) specializing in senior living real estate. The company focuses on acquiring and strategically partnering in a diversified portfolio of senior housing communities, providing real estate solutions across the spectrum of independent living, assisted living and memory care facilities. Elme Communities leases properties to experienced operators under long-term contractual arrangements designed to generate stable rental income and align incentives for both landlord and operator.

The company’s core activities include identifying acquisition opportunities, underwriting property performance, structuring lease agreements and overseeing asset management functions.