Archer Investment Corp Purchases 1,350 Shares of Elme Communities (NYSE:ELME)

Archer Investment Corp lifted its position in Elme Communities (NYSE:ELME) by 308.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,788 shares of the company’s stock after purchasing an additional 1,350 shares during the period. Archer Investment Corp’s holdings in Elme Communities were worth $28,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC purchased a new position in Elme Communities in the fourth quarter worth about $25,000. Van ECK Associates Corp grew its position in Elme Communities by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 12,318 shares of the company’s stock valued at $180,000 after buying an additional 2,025 shares during the period. Victory Capital Management Inc. increased its holdings in Elme Communities by 11.8% during the fourth quarter. Victory Capital Management Inc. now owns 20,039 shares of the company’s stock valued at $293,000 after buying an additional 2,117 shares during the last quarter. New York Life Investment Management LLC raised its position in Elme Communities by 51.8% in the fourth quarter. New York Life Investment Management LLC now owns 32,828 shares of the company’s stock worth $479,000 after acquiring an additional 11,205 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Elme Communities by 3.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,557,836 shares of the company’s stock worth $22,744,000 after acquiring an additional 49,403 shares during the last quarter. Institutional investors own 87.88% of the company’s stock.

Elme Communities Price Performance

NYSE ELME opened at $17.67 on Thursday. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.61. Elme Communities has a 12 month low of $12.44 and a 12 month high of $17.93. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -28.97 and a beta of 0.90. The company’s 50 day moving average is $16.62 and its two-hundred day moving average is $15.33.

Elme Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 19th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $0.72 annualized dividend and a dividend yield of 4.07%. Elme Communities’s payout ratio is -118.03%.

Wall Street Analysts Forecast Growth

Separately, Truist Financial upped their price objective on Elme Communities from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday, May 15th.

Elme Communities 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.