Equity Lifestyle Properties (NYSE:ELS) Price Target Lowered to $69.00 at Wells Fargo & Company

Key Points

• Wells Fargo lowered its price target on Equity Lifestyle Properties (NYSE:ELS) from $70 to $69 while keeping an equal weight rating, implying about 12.6% upside from the prior close.
• The stock traded down to $61.30 on Monday, near its 12-month range of $58.15 to $69.00, with shares currently below both the 50-day and 200-day moving averages.
• ELS recently reported Q1 earnings of $0.56 per share, missing estimates of $0.84, though revenue of $397.62 million slightly beat expectations and rose 2.7% year over year.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) had its price objective dropped by equities researchers at Wells Fargo & Company from $70.00 to $69.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the real estate investment trust's stock. Wells Fargo & Company's target price would suggest a potential upside of 12.55% from the stock's previous close.

Several other research analysts have also issued reports on the company. Wall Street Zen raised Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a research report on Saturday, April 11th. Robert W. Baird lifted their price objective on shares of Equity Lifestyle Properties from $73.00 to $74.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Bank of America upgraded shares of Equity Lifestyle Properties from a "neutral" rating to a "buy" rating and set a $76.00 target price on the stock in a research report on Tuesday, February 3rd. Truist Financial set a $67.00 price target on shares of Equity Lifestyle Properties and gave the stock a "hold" rating in a report on Tuesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Equity Lifestyle Properties from a "hold" rating to a "buy" rating and set a $72.00 price target for the company in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $69.20.

Equity Lifestyle Properties Trading Down 0.8%

Shares of ELS traded down $0.47 on Monday, reaching $61.30. 151,130 shares of the company's stock were exchanged, compared to its average volume of 1,727,691. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.29. Equity Lifestyle Properties has a 12 month low of $58.15 and a 12 month high of $69.00. The business has a 50 day moving average price of $63.32 and a two-hundred day moving average price of $63.60. The stock has a market capitalization of $11.89 billion, a P/E ratio of 30.66, a price-to-earnings-growth ratio of 3.76 and a beta of 0.67.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.28). The business had revenue of $397.62 million during the quarter, compared to analyst estimates of $395.71 million. Equity Lifestyle Properties had a net margin of 24.99% and a return on equity of 21.22%. Equity Lifestyle Properties's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Research analysts anticipate that Equity Lifestyle Properties will post 3.18 earnings per share for the current year.

Insider Buying and Selling

In other Equity Lifestyle Properties news, Director David J. Contis sold 3,000 shares of the firm's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $67.22, for a total transaction of $201,660.00. Following the sale, the director owned 14,890 shares in the company, valued at $1,000,905.80. This trade represents a 16.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Segall Bryant & Hamill LLC bought a new stake in Equity Lifestyle Properties in the first quarter worth $217,000. Bank of America Corp DE raised its stake in shares of Equity Lifestyle Properties by 24.4% during the first quarter. Bank of America Corp DE now owns 1,980,918 shares of the real estate investment trust's stock valued at $123,649,000 after acquiring an additional 388,806 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Equity Lifestyle Properties by 2.9% during the first quarter. Janus Henderson Group PLC now owns 831,809 shares of the real estate investment trust's stock valued at $51,924,000 after acquiring an additional 23,553 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Equity Lifestyle Properties by 67.3% during the first quarter. EverSource Wealth Advisors LLC now owns 726 shares of the real estate investment trust's stock worth $45,000 after purchasing an additional 292 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of Equity Lifestyle Properties by 9.3% in the first quarter. Royal Bank of Canada now owns 560,685 shares of the real estate investment trust's stock worth $34,997,000 after purchasing an additional 47,608 shares during the last quarter. 97.21% of the stock is owned by hedge funds and other institutional investors.

Equity Lifestyle Properties Company Profile

Equity Lifestyle Properties, Inc NYSE: ELS is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company's portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.

In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.

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