Elme Communities (NYSE:ELME) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. lowered shares of Elme Communities (NYSE:ELME) from an overweight rating to a neutral rating in a report issued on Tuesday morning, MarketBeat Ratings reports. The firm currently has $18.00 price target on the stock, down from their prior price target of $19.00.

A number of other brokerages have also commented on ELME. Wolfe Research initiated coverage on shares of Elme Communities in a research report on Monday, October 21st. They issued a “peer perform” rating on the stock. Wells Fargo & Company boosted their price target on shares of Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th.

Elme Communities Stock Performance

Shares of ELME stock opened at $15.90 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.55 and a current ratio of 0.55. Elme Communities has a 52 week low of $12.74 and a 52 week high of $18.49. The company’s 50 day moving average price is $16.77 and its two-hundred day moving average price is $16.69. The company has a market capitalization of $1.40 billion, a P/E ratio of -105.99 and a beta of 0.89.

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

Elme Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Thursday, December 19th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $0.72 annualized dividend and a dividend yield of 4.53%. Elme Communities’s dividend payout ratio is presently -479.97%.

Institutional Trading of Elme Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELME. Fifth Third Bancorp grew its holdings in Elme Communities by 438.1% during the second quarter. Fifth Third Bancorp now owns 1,835 shares of the company’s stock worth $29,000 after purchasing an additional 1,494 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Elme Communities by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 44,300 shares of the company’s stock worth $706,000 after acquiring an additional 800 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Elme Communities by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 811,421 shares of the company’s stock worth $12,926,000 after acquiring an additional 11,802 shares during the last quarter. LDR Capital Management LLC bought a new stake in Elme Communities in the 2nd quarter valued at $367,000. Finally, Van ECK Associates Corp lifted its holdings in Elme Communities by 6.8% during the 2nd quarter. Van ECK Associates Corp now owns 13,465 shares of the company’s stock valued at $214,000 after purchasing an additional 858 shares during the last quarter. 87.88% of the stock is owned by institutional investors.

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.