Bulldog Investors LLP Takes $4.02 Million Position in Elme Communities $ELME

Bulldog Investors LLP bought a new position in Elme Communities (NYSE:ELME) during the 1st quarter, Holdings Channel reports. The firm bought 2,000,000 shares of the company’s stock, valued at approximately $4,020,000. Elme Communities comprises approximately 0.9% of Bulldog Investors LLP’s portfolio, making the stock its 29th biggest holding.

Other large investors have also bought and sold shares of the company. NewGen Asset Management Ltd acquired a new stake in Elme Communities during the 1st quarter valued at $1,159,000. KBC Group NV boosted its stake in Elme Communities by 623.3% in the first quarter. KBC Group NV now owns 19,673 shares of the company’s stock worth $40,000 after purchasing an additional 16,953 shares in the last quarter. Credit Industriel ET Commercial boosted its stake in Elme Communities by 702.7% in the first quarter. Credit Industriel ET Commercial now owns 1,625,516 shares of the company’s stock worth $3,267,000 after purchasing an additional 1,423,000 shares in the last quarter. Deltec Asset Management LLC bought a new stake in shares of Elme Communities during the first quarter worth $910,000. Finally, Hsbc Holdings PLC grew its holdings in shares of Elme Communities by 19.0% during the fourth quarter. Hsbc Holdings PLC now owns 146,361 shares of the company’s stock worth $2,547,000 after purchasing an additional 23,351 shares during the last quarter. 87.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ELME has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Elme Communities in a report on Wednesday, July 8th. BTIG Research reissued a “neutral” rating on shares of Elme Communities in a report on Monday, April 6th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Elme Communities has a consensus rating of “Reduce” and an average price target of $18.00.

Elme Communities Stock Down 1.0%

Elme Communities stock opened at $1.50 on Tuesday. The business’s 50-day simple moving average is $1.85 and its 200 day simple moving average is $2.75. The stock has a market cap of $133.73 million, a price-to-earnings ratio of -0.99 and a beta of 0.73. Elme Communities has a 12-month low of $1.26 and a 12-month 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.