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

Elme Communities (NYSE:ELME) posted its quarterly earnings data on Monday. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.24 by ($0.27), Zacks reports. 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 return on equity of 1.16% and a negative net margin of 5.51%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.24 EPS. 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 Price Performance

NYSE:ELME traded up $0.27 during trading hours on Wednesday, reaching $17.17. 291,073 shares of the company traded hands, compared to its average volume of 580,071. The stock has a market cap of $1.51 billion, a P/E ratio of -112.63 and a beta of 0.89. The firm’s 50-day moving average is $17.38 and its 200-day moving average is $16.46. Elme Communities has a 1-year low of $12.74 and a 1-year high of $18.49. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Thursday, December 19th will be issued a $0.18 dividend. 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 presently -479.97%.

Wall Street Analyst Weigh In

ELME has been the subject of several recent research reports. Wells Fargo & Company lifted their price objective on Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a report on Friday, September 13th. JPMorgan Chase & Co. boosted their price objective on shares of Elme Communities from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Finally, Wolfe Research began coverage on shares of Elme Communities in a report on Monday, October 21st. They set a “peer perform” rating for the company.

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.