Home Investment Woodstock Corp Makes New Investment in Elme Communities (NYSE:ELME)

Woodstock Corp Makes New Investment in Elme Communities (NYSE:ELME)

by Janessa Lee

Woodstock Corp has made a new investment in Elme Communities, a multifamily real estate investment trust that focuses on providing quality housing for middle-income renters. According to the company’s recent filing with the Securities and Exchange Commission, Woodstock Corp purchased 13,225 shares of Elme Communities’ stock, valued at approximately $217,000.

Woodstock Corp is not the only institutional investor interested in Elme Communities. Several other hedge funds and institutional investors have also added or reduced their stakes in the company. Tower Research Capital LLC, US Bancorp DE, Belpointe Asset Management LLC, Steward Partners Investment Advisory LLC, and WASHINGTON TRUST Co are among the other investors involved. In fact, institutional investors and hedge funds now hold 88.48% of Elme Communities’ stock.

Shares of Elme Communities, traded on the NYSE under the ticker symbol ELME, traded down $0.08 during the recent trading session. The company’s stock hit a 52-week low of $14.58 and a 52-week high of $20.24. Elme Communities currently has a market capitalization of $1.30 billion and a P/E ratio of -64.72.

In addition to the recent investment activity, Elme Communities also announced a quarterly dividend. Shareholders of record on September 20th will receive a dividend of $0.18 per share on October 4th. This represents an annualized dividend of $0.72 and a yield of 4.86%. However, the company’s dividend payout ratio is currently -313.04%.

Several brokerages have commented on Elme Communities in recent research reports. Wells Fargo & Company lowered their price objective for the stock from $18.00 to $15.00 and assigned it an “equal weight” rating. Truist Financial also reduced their price objective on Elme Communities’ stock from $19.00 to $18.00.

Elme Communities, formerly known as Washington Real Estate Investment Trust or WashREIT, is dedicated to improving the rental experience for middle-income individuals. The company owns and operates approximately 8,900 apartment homes in the Washington, DC metro area and the Sunbelt region, as well as 300,000 square feet of commercial space.

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Before considering an investment in Elme Communities, investors may want to explore other options. MarketBeat tracks the recommendations of top-rated and best-performing research analysts on a daily basis. MarketBeat has identified five stocks that analysts are recommending to their clients, and Elme Communities did not make the list. While Elme Communities has a “Hold” rating among analysts, these five stocks are considered better buys.

Disclaimer: The information provided in this article is for informational purposes only and should not be regarded as investment advice or a recommendation to buy or sell any securities.

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