Elme Communities (NYSE:ELME) Releases FY24 Earnings Guidance

Elme Communities (NYSE:ELME) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.92-0.94 for the period, compared to the consensus earnings per share estimate of $0.94. Elme Communities also updated its FY 2024 guidance to 0.920-0.940 EPS.

Elme Communities Stock Up 1.1 %

ELME stock traded up $0.19 during trading hours on Thursday, hitting $17.48. The company’s stock had a trading volume of 92,483 shares, compared to its average volume of 583,036. The company has a market capitalization of $1.54 billion, a PE ratio of -115.43 and a beta of 0.89. The stock has a 50 day moving average price of $17.38 and a two-hundred day moving average price of $16.46. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.61. Elme Communities has a 12 month low of $12.74 and a 12 month high of $18.49.

Elme Communities (NYSE:ELME) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.27). The company had revenue of $61.06 million during the quarter, compared to analyst estimates of $60.31 million. Elme Communities had a negative return on equity of 1.16% and a negative net margin of 5.51%. Elme Communities’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. On average, equities research analysts expect that Elme Communities will post 0.94 earnings per share for the current year.

Elme Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Thursday, December 19th will be given 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 yield of 4.12%. Elme Communities’s payout ratio is currently -480.00%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Elme Communities from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Wolfe Research assumed coverage on shares of Elme Communities in a research report on Monday, October 21st. They set a “peer perform” rating for the company. Finally, Wells Fargo & Company raised their price target on Elme Communities from $14.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th.

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.