Elme Communities (NYSE:ELME) Issues FY 2024 Earnings Guidance

Elme Communities (NYSE:ELME) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 0.920-0.940 for the period, compared to the consensus estimate of 0.930. The company issued revenue guidance of -. Elme Communities also updated its FY24 guidance to $0.92-0.94 EPS.

Elme Communities Price Performance

ELME stock traded up $0.22 during mid-day trading on Monday, reaching $16.70. 428,651 shares of the company’s stock were exchanged, compared to its average volume of 580,800. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.55 and a quick ratio of 0.55. Elme Communities has a 12-month low of $12.74 and a 12-month high of $18.49. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -26.58 and a beta of 0.89. The stock’s 50 day moving average is $17.40 and its 200 day moving average is $16.43.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Wolfe Research began coverage on Elme Communities in a report on Monday, October 21st. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. raised their price target on Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, September 16th.

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.