Elme Communities (NYSE:ELME) Shares Gap Down – Should You Sell?

Elme Communities (NYSE:ELME)’s share price gapped down prior to trading 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 traded.

Analyst Upgrades and Downgrades

ELME has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Wells Fargo & Company boosted their target price on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. Finally, Wolfe Research started coverage on shares of Elme Communities in a research report on Monday. They set a “peer perform” rating on the stock.

Elme Communities Stock Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.55 and a current ratio of 0.55. The firm’s 50 day simple moving average is $17.41 and its 200 day simple moving average is $16.30. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -28.57 and a beta of 0.90.

Elme Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 19th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 4.14%. The ex-dividend date was Thursday, September 19th. Elme Communities’s payout ratio is -118.03%.

Institutional Trading of Elme Communities

Several institutional investors and hedge funds have recently bought and sold shares of ELME. V3 Capital Management L.P. acquired a new stake in Elme Communities during the 1st quarter valued at approximately $13,738,000. DigitalBridge Group Inc. acquired a new position in shares of Elme Communities in the 2nd quarter valued at $8,132,000. Hunter Perkins Capital Management LLC lifted its stake in shares of Elme Communities by 990.8% in the 2nd quarter. Hunter Perkins Capital Management LLC now owns 325,865 shares of the company’s stock valued at $5,224,000 after purchasing an additional 295,990 shares during the period. William Blair Investment Management LLC lifted its stake in shares of Elme Communities by 16.9% in the 1st quarter. William Blair Investment Management LLC now owns 1,950,033 shares of the company’s stock valued at $27,144,000 after purchasing an additional 281,199 shares during the period. Finally, Anson Funds Management LP acquired a new position in shares of Elme Communities in the 1st quarter valued at $2,233,000. 87.88% of the stock is currently owned by institutional investors and hedge funds.

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.