Truist Financial Upgrades Elme Communities (NYSE:ELME) to Buy

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

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

Elme Communities Trading Up 1.6 %

NYSE:ELME traded up $0.24 on Friday, reaching $14.97. 232,407 shares of the stock traded hands, compared to its average volume of 483,824. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.63. Elme Communities has a 1-year low of $12.74 and a 1-year high of $18.49. The company’s 50 day moving average is $15.83 and its 200-day moving average is $16.59. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -99.93 and a beta of 0.90.

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

Hedge Funds Weigh In On Elme Communities

A number of large investors have recently modified their holdings of ELME. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Elme Communities by 466.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 654,403 shares of the company’s stock worth $11,511,000 after buying an additional 538,857 shares during the last quarter. DigitalBridge Group Inc. bought a new stake in shares of Elme Communities during the second quarter worth about $8,132,000. FMR LLC raised its holdings in shares of Elme Communities by 3.1% in the 3rd quarter. FMR LLC now owns 5,637,288 shares of the company’s stock worth $99,160,000 after acquiring an additional 171,486 shares during the last quarter. Bank of Montreal Can bought a new position in Elme Communities in the 2nd quarter valued at about $1,419,000. Finally, Martingale Asset Management L P acquired a new position in Elme Communities during the 3rd quarter valued at about $1,535,000. 87.88% of the stock is currently 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.