Short Interest in Elme Communities (NYSE:ELME) Decreases By 7.4%

Elme Communities (NYSE:ELME) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 1,000,000 shares, a drop of 7.4% from the March 15th total of 1,080,000 shares. Based on an average daily trading volume, of 688,200 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.2% of the shares of the company are sold short.

Elme Communities Stock Performance

NYSE:ELME traded down $0.28 during midday trading on Tuesday, reaching $14.36. The stock had a trading volume of 957,256 shares, compared to its average volume of 701,020. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market capitalization of $1.26 billion, a P/E ratio of -24.00 and a beta of 0.91. The firm’s fifty day simple moving average is $13.77 and its 200-day simple moving average is $13.86. Elme Communities has a 1-year low of $12.44 and a 1-year high of $18.15.

Elme Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 3rd. Shareholders of record on Wednesday, March 20th were given a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, March 19th. This represents a $0.72 annualized dividend and a yield of 5.01%. Elme Communities’s dividend payout ratio is -118.03%.

Institutional Trading of Elme Communities

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC acquired a new stake in Elme Communities in the 4th quarter worth $25,000. Tower Research Capital LLC TRC acquired a new stake in Elme Communities in the 1st quarter worth $29,000. Belpointe Asset Management LLC acquired a new stake in Elme Communities in the 1st quarter worth $40,000. Steward Partners Investment Advisory LLC acquired a new stake in Elme Communities in the 1st quarter worth $43,000. Finally, Russell Investments Group Ltd. acquired a new stake in Elme Communities in the 1st quarter worth $91,000. 87.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. upgraded shares of Elme Communities from a “neutral” rating to an “overweight” rating and raised their target price for the company from $16.00 to $18.00 in a research note on Monday, December 18th.

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.