Elme Communities (NYSE:ELME) Releases FY 2024 Earnings Guidance

Elme Communities (NYSE:ELME) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.920-0.940 for the period, compared to the consensus estimate of 0.930. The company issued revenue guidance of -. Elme Communities also updated its FY24 guidance to $0.92-0.94 EPS.

Elme Communities Price Performance

Shares of Elme Communities stock traded down $0.03 during midday trading on Thursday, reaching $17.26. The company had a trading volume of 500,990 shares, compared to its average volume of 583,682. 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 has a fifty day simple moving average of $17.38 and a 200 day simple moving average of $16.46. Elme Communities has a 1-year low of $12.74 and a 1-year high of $18.49. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of -115.43 and a beta of 0.89.

Elme Communities (NYSE:ELME) last released its earnings results on Monday, November 4th. The company reported ($0.03) earnings per share (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 1.16%. The business had revenue of $61.06 million for the quarter, compared to analyst estimates of $60.31 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities research analysts forecast that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Thursday, December 19th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend is Thursday, December 19th. Elme Communities’s dividend payout ratio is currently -480.00%.

Analyst Ratings Changes

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

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.