Elme Communities (NYSE:ELME) Issues FY24 Earnings Guidance

Elme Communities (NYSE:ELME) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.92-0.94 for the period, compared to the consensus estimate of $0.94. Elme Communities also updated its FY 2024 guidance to 0.920-0.940 EPS.

Elme Communities Trading Down 0.6 %

Shares of NYSE:ELME traded down $0.10 on Tuesday, hitting $16.60. 46,036 shares of the company’s stock were exchanged, compared to its average volume of 578,301. The business’s 50 day simple moving average is $17.39 and its two-hundred day simple moving average is $16.44. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -26.94 and a beta of 0.89. Elme Communities has a 12 month low of $12.74 and a 12 month high of $18.49.

Analysts Set New Price Targets

A number of brokerages have commented on ELME. Wolfe Research assumed coverage on shares of Elme Communities in a research note on Monday, October 21st. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. raised their price objective on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company upped their target price on Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, September 13th.

About Elme Communities

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.