Elme Communities (NYSE:ELME) Releases Quarterly Earnings Results

Elme Communities (NYSE:ELME) announced its quarterly earnings results on Monday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.27), Zacks reports. Elme Communities had a negative return on equity of 1.16% and a negative net margin of 5.51%. The business had revenue of $61.06 million during the quarter, compared to the consensus estimate of $60.31 million. During the same quarter last year, the company earned $0.24 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. 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 Stock Up 1.6 %

NYSE ELME traded up $0.27 during trading hours on Wednesday, hitting $17.17. 216,258 shares of the company traded hands, compared to its average volume of 579,723. The business’s 50-day moving average is $17.38 and its 200-day moving average is $16.46. Elme Communities has a twelve month low of $12.74 and a twelve month high of $18.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of -112.63 and a beta of 0.89.

Elme Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Thursday, December 19th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, December 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.19%. Elme Communities’s payout ratio is presently -479.97%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ELME shares. Wells Fargo & Company increased their price target on Elme Communities from $14.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, September 13th. JPMorgan Chase & Co. increased their price objective on Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Wolfe Research initiated coverage on Elme Communities in a report on Monday, October 21st. They set 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.