Mangrove Partners IM LLC Takes $34.49 Million Position in Elme Communities $ELME

Mangrove Partners IM LLC acquired a new stake in shares of Elme Communities (NYSE:ELME) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,045,358 shares of the company’s stock, valued at approximately $34,485,000. Elme Communities makes up approximately 2.9% of Mangrove Partners IM LLC’s portfolio, making the stock its 15th largest position. Mangrove Partners IM LLC owned 2.32% of Elme Communities as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELME. Federated Hermes Inc. lifted its stake in Elme Communities by 107.2% in the 3rd quarter. Federated Hermes Inc. now owns 2,116 shares of the company’s stock worth $36,000 after purchasing an additional 1,095 shares in the last quarter. Employees Retirement System of Texas purchased a new position in shares of Elme Communities during the 2nd quarter valued at $38,000. EverSource Wealth Advisors LLC increased its holdings in shares of Elme Communities by 39.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock worth $51,000 after purchasing an additional 922 shares during the period. GAMMA Investing LLC increased its holdings in shares of Elme Communities by 20.8% in the third quarter. GAMMA Investing LLC now owns 4,001 shares of the company’s stock worth $67,000 after purchasing an additional 688 shares during the period. Finally, US Bancorp DE raised its position in shares of Elme Communities by 43.8% in the third quarter. US Bancorp DE now owns 4,107 shares of the company’s stock worth $69,000 after buying an additional 1,251 shares in the last quarter. Institutional investors own 87.88% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued 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 issued a Sell rating to the stock. Based on data from MarketBeat, Elme Communities has an average rating of “Reduce” and a consensus price target of $18.00.

Elme Communities Stock Down 1.2%

ELME stock opened at $2.07 on Friday. The company’s 50 day moving average is $3.29 and its 200 day moving average is $12.24. The stock has a market cap of $183.50 million, a price-to-earnings ratio of -1.36 and a beta of 0.69. The company has a current ratio of 166.32, a quick ratio of 166.32 and a debt-to-equity ratio of 0.78. Elme Communities has a 1-year low of $2.05 and a 1-year high of $17.68.

Elme Communities Profile

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.