Irenic Capital Management LP Purchases Shares of 1,699,873 Elme Communities $ELME

Irenic Capital Management LP acquired a new position in shares of Elme Communities (NYSE:ELME) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,699,873 shares of the company’s stock, valued at approximately $28,660,000. Elme Communities makes up approximately 3.0% of Irenic Capital Management LP’s portfolio, making the stock its 10th biggest holding. Irenic Capital Management LP owned 1.93% of Elme Communities as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ELME. Vanderbilt University acquired a new stake in shares of Elme Communities during the 3rd quarter worth about $1,078,000. Wolverine Asset Management LLC increased its holdings in shares of Elme Communities by 306.6% during the third quarter. Wolverine Asset Management LLC now owns 574,937 shares of the company’s stock worth $9,693,000 after buying an additional 433,548 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Elme Communities by 27.2% in the second quarter. Prudential Financial Inc. now owns 279,382 shares of the company’s stock valued at $4,442,000 after acquiring an additional 59,744 shares during the last quarter. Waterfall Asset Management LLC acquired a new position in shares of Elme Communities in the 2nd quarter worth approximately $2,583,000. Finally, Barings LLC bought a new stake in Elme Communities during the 2nd quarter worth approximately $770,000. 87.88% of the stock is owned by institutional investors.

Elme Communities Stock Down 1.2%

Shares of ELME opened at $2.07 on Monday. The firm has a market capitalization of $183.50 million, a price-to-earnings ratio of -1.36 and a beta of 0.69. The company has a debt-to-equity ratio of 0.78, a quick ratio of 166.32 and a current ratio of 166.32. The business’s fifty day moving average price is $3.29 and its two-hundred day moving average price is $12.17. Elme Communities has a 52 week low of $2.05 and a 52 week high of $17.68.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Elme Communities in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Elme Communities has an average rating of “Reduce” and an average target price of $18.00.

About Elme Communities

Elme Communities, Inc is a real estate investment trust (REIT) specializing in senior living real estate. The company focuses on acquiring and strategically partnering in a diversified portfolio of senior housing communities, providing real estate solutions across the spectrum of independent living, assisted living and memory care facilities. Elme Communities leases properties to experienced operators under long-term contractual arrangements designed to generate stable rental income and align incentives for both landlord and operator.

The company’s core activities include identifying acquisition opportunities, underwriting property performance, structuring lease agreements and overseeing asset management functions.