Elme Communities (NYSE:ELME) PT Lowered to $15.00 at Wells Fargo & Company

Elme Communities (NYSE:ELME) had its price target lowered by equities researchers at Wells Fargo & Company from $18.00 to $15.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 1.97% from the stock’s current price.

Separately, Truist Financial lowered their price objective on shares of Elme Communities from $19.00 to $18.00 in a research note on Wednesday, June 28th.

Elme Communities Trading Down 0.6 %

Elme Communities stock traded down $0.09 during midday trading on Tuesday, reaching $14.71. 54,438 shares of the stock traded hands, compared to its average volume of 558,599. The firm has a market cap of $1.29 billion, a PE ratio of -64.00 and a beta of 0.97. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.44. The company has a 50-day simple moving average of $15.81 and a two-hundred day simple moving average of $16.51. Elme Communities has a 12-month low of $14.58 and a 12-month high of $20.40.

Hedge Funds Weigh In On Elme Communities

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JFS Wealth Advisors LLC purchased a new stake in shares of Elme Communities during the second quarter worth approximately $28,000. US Bancorp DE purchased a new stake in shares of Elme Communities during the 1st quarter worth $29,000. Tower Research Capital LLC TRC purchased a new stake in shares of Elme Communities during the 1st quarter worth $29,000. Exchange Traded Concepts LLC acquired a new position in shares of Elme Communities during the second quarter worth $36,000. Finally, Belpointe Asset Management LLC purchased a new position in Elme Communities in the first quarter valued at $40,000. Hedge funds and other institutional investors own 88.48% of the company’s stock.

Elme Communities Company Profile

Elme Communities (formerly known as Washington Real Estate Investment Trust or WashREIT) 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 8,900 apartment homes in the Washington, DC metro and the Sunbelt, and owns approximately 300,000 square feet of commercial space.