Rangeley Capital LLC Invests $1.32 Million in Elme Communities $ELME

Rangeley Capital LLC bought a new position in Elme Communities (NYSE:ELME) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 658,000 shares of the company’s stock, valued at approximately $1,323,000. Elme Communities comprises about 1.2% of Rangeley Capital LLC’s investment portfolio, making the stock its 26th largest position.

Several other institutional investors and hedge funds have also made changes to their positions in ELME. EverSource Wealth Advisors LLC raised its holdings in shares of Elme Communities by 39.9% during 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. Daiwa Securities Group Inc. grew its stake in Elme Communities by 3.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 31,470 shares of the company’s stock worth $500,000 after buying an additional 1,090 shares during the last quarter. M&T Bank Corp grew its stake in Elme Communities by 9.1% during the 2nd quarter. M&T Bank Corp now owns 14,268 shares of the company’s stock worth $227,000 after buying an additional 1,190 shares during the last quarter. US Bancorp DE increased its position in 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 during the period. Finally, Amundi increased its position in Elme Communities by 3.4% in the third quarter. Amundi now owns 59,391 shares of the company’s stock worth $994,000 after buying an additional 1,969 shares during the period. 87.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on ELME. Wall Street Zen upgraded Elme Communities from a “strong sell” rating to a “hold” rating in a research note on Saturday. BTIG Research restated a “neutral” rating on shares of Elme Communities in a research report on Monday, April 6th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Elme Communities in a research report on Wednesday, July 8th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Elme Communities presently has a consensus rating of “Reduce” and a consensus price target of $18.00.

Elme Communities Trading Up 1.0%

Shares of ELME stock opened at $1.50 on Monday. Elme Communities has a 1-year low of $1.26 and a 1-year high of $17.68. The stock’s fifty day simple moving average is $1.80 and its 200-day simple moving average is $2.30. The company has a market capitalization of $133.73 million, a price-to-earnings ratio of -0.99 and a beta of 0.73.

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.