Elme Communities (NYSE:ELME) Price Target Raised to $19.00

Elme Communities (NYSE:ELME) had its price target boosted by equities research analysts at Wells Fargo & Company from $17.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 13.27% from the company’s current price.

ELME has been the subject of a number of other research reports. Truist Financial raised shares of Elme Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. cut shares of Elme Communities from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $18.00 in a research note on Tuesday, December 17th.

Elme Communities Stock Down 1.6 %

Elme Communities stock opened at $16.77 on Thursday. The company has a market cap of $1.48 billion, a P/E ratio of -119.81 and a beta of 0.91. Elme Communities has a 1-year low of $12.74 and a 1-year high of $18.49. The company has a fifty day simple moving average of $15.28 and a 200 day simple moving average of $16.48. The company has a current ratio of 0.58, a quick ratio of 0.55 and a debt-to-equity ratio of 0.65.

Elme Communities (NYSE:ELME) last released its earnings results on Thursday, February 13th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.26. Elme Communities had a negative net margin of 5.42% and a negative return on equity of 1.18%. Research analysts anticipate that Elme Communities will post 0.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elme Communities

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC grew its holdings in shares of Elme Communities by 817.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,818 shares of the company’s stock valued at $43,000 after purchasing an additional 2,511 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Elme Communities by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,416 shares of the company’s stock valued at $60,000 after purchasing an additional 885 shares during the last quarter. KBC Group NV grew its holdings in Elme Communities by 51.8% during the 3rd quarter. KBC Group NV now owns 4,526 shares of the company’s stock worth $80,000 after acquiring an additional 1,544 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Elme Communities during the 3rd quarter worth approximately $86,000. Finally, Metis Global Partners LLC bought a new stake in Elme Communities during the 4th quarter worth approximately $154,000. 87.88% of the stock is owned by institutional investors.

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.