Elme Communities (NYSE:ELME) Posts Quarterly Earnings Results, Misses Expectations By $0.27 EPS

Elme Communities (NYSE:ELME) posted its earnings results on Monday. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.27), Zacks reports. The business had revenue of $61.06 million for the quarter, compared to the consensus estimate of $60.31 million. Elme Communities had a negative return on equity of 1.16% 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 firm posted $0.24 earnings per share. Elme Communities updated its FY24 guidance to $0.92-0.94 EPS and its FY 2024 guidance to 0.920-0.940 EPS.

Elme Communities Stock Performance

ELME stock traded up $0.28 during midday trading on Wednesday, reaching $17.18. 277,385 shares of the company’s stock traded hands, compared to its average volume of 580,007. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.61. The stock’s 50-day moving average is $17.38 and its 200 day moving average is $16.46. Elme Communities has a 52-week low of $12.74 and a 52-week high of $18.49. The stock has a market cap of $1.51 billion, a P/E ratio of -112.63 and a beta of 0.89.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Thursday, December 19th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a yield of 4.19%. Elme Communities’s dividend payout ratio (DPR) is -479.97%.

Wall Street Analysts Forecast Growth

ELME has been the topic of a number of recent analyst reports. Wolfe Research assumed coverage on Elme Communities in a research report on Monday, October 21st. They set a “peer perform” rating on the stock. Wells Fargo & Company raised their price target on shares of Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Finally, JPMorgan Chase & Co. raised their price target on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th.

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.