Texas Permanent School Fund Corp Lowers Stake in Elme Communities (NYSE:ELME)

Texas Permanent School Fund Corp lowered its stake in shares of Elme Communities (NYSE:ELME) by 1.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 77,205 shares of the company’s stock after selling 1,280 shares during the period. Texas Permanent School Fund Corp’s holdings in Elme Communities were worth $1,269,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ELME. JFS Wealth Advisors LLC purchased a new position in Elme Communities in the 2nd quarter valued at approximately $28,000. US Bancorp DE purchased a new position in Elme Communities in the 1st quarter valued at approximately $29,000. Tower Research Capital LLC TRC purchased a new position in Elme Communities in the 1st quarter valued at approximately $29,000. Exchange Traded Concepts LLC purchased a new position in Elme Communities in the 2nd quarter valued at approximately $36,000. Finally, Belpointe Asset Management LLC purchased a new position in Elme Communities in the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 88.48% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company decreased their price target on shares of Elme Communities from $15.50 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, November 9th.

Elme Communities Price Performance

Elme Communities stock opened at $13.19 on Friday. The stock has a market cap of $1.16 billion, a P/E ratio of -21.62 and a beta of 0.98. The company has a fifty day simple moving average of $13.74 and a 200-day simple moving average of $15.13. Elme Communities has a 12-month low of $12.44 and a 12-month high of $20.24. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.57.

Elme Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 4th. Stockholders of record on Thursday, December 21st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, December 20th. This represents a $0.72 annualized dividend and a dividend yield of 5.46%. Elme Communities’s dividend payout ratio (DPR) is currently -118.03%.

About Elme Communities

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.