Thornburg Investment Management Inc. Reduces Stock Position in Elme Communities $ELME

Thornburg Investment Management Inc. trimmed its position in Elme Communities (NYSE:ELME) by 20.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,599,492 shares of the company’s stock after selling 406,176 shares during the period. Thornburg Investment Management Inc. owned about 1.81% of Elme Communities worth $26,967,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. CWM LLC grew its holdings in shares of Elme Communities by 240.1% during the second quarter. CWM LLC now owns 2,078 shares of the company’s stock worth $33,000 after buying an additional 1,467 shares in the last quarter. Federated Hermes Inc. boosted its position in Elme Communities by 107.2% during the third quarter. Federated Hermes Inc. now owns 2,116 shares of the company’s stock worth $36,000 after acquiring an additional 1,095 shares during the last quarter. Employees Retirement System of Texas purchased a new stake in Elme Communities in the 2nd quarter worth approximately $38,000. EverSource Wealth Advisors LLC grew its stake in Elme Communities by 39.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,235 shares of the company’s stock worth $51,000 after acquiring an additional 922 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Elme Communities by 20.8% in the 3rd quarter. GAMMA Investing LLC now owns 4,001 shares of the company’s stock valued at $67,000 after acquiring an additional 688 shares during the last quarter. 87.88% of the stock is owned by institutional investors and hedge funds.

Elme Communities Price Performance

Elme Communities stock opened at $2.16 on Thursday. Elme Communities has a 1 year low of $2.10 and a 1 year high of $17.68. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a 50 day moving average price of $6.97 and a 200 day moving average price of $13.43. The company has a market cap of $189.98 million, a price-to-earnings ratio of -1.42 and a beta of 0.69.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Elme Communities in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $18.00.

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.