Elme Communities (NYSE:ELME) Coverage Initiated at Wolfe Research

Analysts at Wolfe Research assumed coverage on shares of Elme Communities (NYSE:ELME) in a report released on Monday, Briefing.com reports. The brokerage set a “peer perform” rating on the stock.

Several other equities analysts also recently issued reports on ELME. Wells Fargo & Company raised their price target on shares of Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. raised their target price on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th.

Elme Communities Stock Performance

Elme Communities stock opened at $17.05 on Monday. The business has a 50 day moving average of $17.42 and a 200-day moving average of $16.26. The company has a market capitalization of $1.50 billion, a P/E ratio of -27.50 and a beta of 0.90. Elme Communities has a 1 year low of $12.44 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.

Institutional Investors Weigh In On Elme Communities

Large investors have recently modified their holdings of the company. Thornburg Investment Management Inc. boosted its position in Elme Communities by 4.2% during the first quarter. Thornburg Investment Management Inc. now owns 2,455,668 shares of the company’s stock valued at $34,183,000 after acquiring an additional 100,000 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Elme Communities by 1.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,186,343 shares of the company’s stock valued at $30,434,000 after purchasing an additional 28,717 shares in the last quarter. William Blair Investment Management LLC boosted its position in shares of Elme Communities by 16.9% during the 1st quarter. William Blair Investment Management LLC now owns 1,950,033 shares of the company’s stock valued at $27,144,000 after purchasing an additional 281,199 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Elme Communities by 1.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,259,876 shares of the company’s stock worth $20,069,000 after purchasing an additional 17,387 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in Elme Communities by 7.1% in the second quarter. Renaissance Technologies LLC now owns 1,036,308 shares of the company’s stock worth $16,508,000 after purchasing an additional 69,014 shares in the last quarter. 87.88% of the stock is currently owned by institutional investors and hedge funds.

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.