Elme Communities (NYSE:ELME) Price Target Raised to $17.00 at Wells Fargo & Company

Elme Communities (NYSE:ELME) had its price objective hoisted by Wells Fargo & Company from $14.00 to $17.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential downside of 6.90% from the stock’s previous close.

Elme Communities Trading Up 1.8 %

NYSE ELME traded up $0.33 on Friday, reaching $18.26. 476,039 shares of the company were exchanged, compared to its average volume of 599,926. The business’s fifty day moving average price is $16.87 and its 200 day moving average price is $15.48. The stock has a market capitalization of $1.61 billion, a P/E ratio of -29.92 and a beta of 0.90. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.61. Elme Communities has a fifty-two week low of $12.44 and a fifty-two week high of $18.27.

Institutional Investors Weigh In On Elme Communities

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELME. V3 Capital Management L.P. purchased a new stake in Elme Communities in the first quarter valued at $13,738,000. DigitalBridge Group Inc. purchased a new stake in Elme Communities in the second quarter valued at $8,132,000. Cbre Investment Management Listed Real Assets LLC raised its position in Elme Communities by 520.8% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 463,942 shares of the company’s stock valued at $6,774,000 after purchasing an additional 389,207 shares during the period. Hunter Perkins Capital Management LLC raised its position in Elme Communities by 990.8% in the second 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. Finally, William Blair Investment Management LLC raised its position in Elme Communities by 16.9% in the first 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. Hedge funds and other institutional investors own 87.88% of the company’s stock.

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.