Elme Communities (NYSE:ELME) Sees Significant Growth in Short Interest

Elme Communities (NYSE:ELME) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totalling 1,700,000 shares, an increase of 70.0% from the March 31st total of 1,000,000 shares. Based on an average daily trading volume, of 735,200 shares, the short-interest ratio is currently 2.3 days. Approximately 2.0% of the company’s stock are sold short.

Elme Communities Stock Performance

Shares of Elme Communities stock opened at $15.04 on Monday. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of -24.66 and a beta of 0.91. The firm’s 50-day moving average is $13.86 and its 200 day moving average is $13.94. Elme Communities has a 1 year low of $12.44 and a 1 year high of $17.87. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.67 and a quick ratio of 0.67.

Elme Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Wednesday, March 20th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend was Tuesday, March 19th. Elme Communities’s payout ratio is -118.03%.

Hedge Funds Weigh In On Elme Communities

A number of hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its stake in Elme Communities by 1.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,186,343 shares of the company’s stock worth $30,434,000 after purchasing an additional 28,717 shares in the last quarter. Centersquare Investment Management LLC lifted its stake in Elme Communities by 5.9% during the 4th quarter. Centersquare Investment Management LLC now owns 1,605,919 shares of the company’s stock valued at $23,446,000 after acquiring an additional 89,197 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in 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 valued at $22,744,000 after acquiring an additional 49,403 shares during the period. Invesco Ltd. lifted its stake in Elme Communities by 1.6% during the 3rd quarter. Invesco Ltd. now owns 726,967 shares of the company’s stock valued at $9,916,000 after acquiring an additional 11,331 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC lifted its stake in Elme Communities by 520.8% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 463,942 shares of the company’s stock valued at $6,774,000 after acquiring an additional 389,207 shares during the period. Institutional investors own 87.88% of the company’s stock.

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.