Elme Communities (NYSE:ELME) Raised to Buy at Truist Financial

Elme Communities (NYSE:ELME) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Marketbeat.com reports.

A number of other equities research analysts have also recently commented on the stock. Wolfe Research assumed coverage on shares of Elme Communities in a research report on Monday, October 21st. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. cut shares of Elme Communities from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $19.00 to $18.00 in a research report on Tuesday, December 17th.

Elme Communities Stock Up 0.5 %

NYSE:ELME opened at $14.81 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.55 and a current ratio of 0.55. The company has a fifty day moving average of $15.77 and a two-hundred day moving average of $16.59. Elme Communities has a fifty-two week low of $12.74 and a fifty-two week high of $18.49.

Elme Communities (NYSE:ELME) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27). The company had revenue of $61.06 million for the quarter, compared to analyst estimates of $60.31 million. Elme Communities had a negative return on equity of 1.17% and a negative net margin of 5.51%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. On average, equities research analysts forecast that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elme Communities

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Verdence Capital Advisors LLC increased its position in Elme Communities by 5.7% during the third quarter. Verdence Capital Advisors LLC now owns 16,058 shares of the company’s stock worth $282,000 after purchasing an additional 867 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Elme Communities by 35.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock worth $60,000 after purchasing an additional 885 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Elme Communities by 0.8% during the third quarter. Public Employees Retirement System of Ohio now owns 127,260 shares of the company’s stock worth $2,239,000 after purchasing an additional 954 shares during the last quarter. M&T Bank Corp increased its position in Elme Communities by 9.5% during the third quarter. M&T Bank Corp now owns 11,525 shares of the company’s stock worth $203,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Inspire Investing LLC boosted its stake in Elme Communities by 5.9% during the third quarter. Inspire Investing LLC now owns 23,419 shares of the company’s stock worth $412,000 after buying an additional 1,300 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.

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.