Elme Communities Announces Quarterly Dividend of $0.18

Elme Communities (NYSE:ELME) has announced a quarterly dividend of $0.18 per share on February 14th. Shareholders who are on record as of March 19th will receive this payment on April 3rd. The annualized dividend totals $0.72, equating to a dividend yield of 4.17%. The important date for shareholders to note is the ex-dividend date of March 19th.

Dividend History and Expectations

Over the past three years, Elme Communities has significantly increased its dividend by an average of 154.1% annually. It is important to note that the company currently has a payout ratio of -720.0%. This indicates that Elme Communities is unable to cover its dividend payments with its earnings alone, suggesting that it is relying on its balance sheet for these payments. However, analysts predict that Elme Communities will earn $0.94 per share next year, which should allow them to cover the annual dividend of $0.72, resulting in an expected payout ratio of 76.6%.

Stock Performance Overview

On the trading day of February 14th, Elme Communities' stock saw an increase of 11.6%, climbing to $17.28 per share. The day also recorded a trading volume of 2,189,026 shares, significantly higher than the average of 572,156 shares. The company has a market capitalization of $1.52 billion and a price-to-earnings ratio of -115.21. Its beta stands at 0.91, with a debt-to-equity ratio of 0.63. The quick and current ratios are both at 0.55. Over the past year, the stock has moved between a low of $12.74 and a high of $18.49, with the fifty-day moving average at $15.26 and the 200-day moving average at $16.48.

Recent Financial Results

On February 13th, Elme Communities released its quarterly earnings results, reporting an earnings per share (EPS) of $0.23. This surpassed the consensus estimate of a loss of ($0.03) by $0.26. The company also reported a negative net margin of 5.51% and a negative return on equity of 1.17%. For the current fiscal year, analysts forecast an EPS of 0.94.

Analyst Ratings Updates

Several research analysts have recently updated their ratings for Elme Communities. On January 17th, Truist Financial upgraded the stock from a "hold" to a "buy" rating. Wolfe Research began coverage of Elme Communities in October, giving it a "peer perform" rating. Conversely, JPMorgan Chase & Co. lowered the stock's rating from "overweight" to "neutral", reducing the target price from $19.00 to $18.00.

About Elme Communities

Elme Communities seeks to enhance the living experience for middle-income renters by offering higher quality, service, and overall experience. They operate primarily in the multifamily real estate sector, owning and managing approximately 9,400 apartment homes in areas around Washington, DC, and Atlanta. Additionally, they own around 300,000 square feet of commercial real estate.

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