Convergence Investment Partners LLC Makes New Investment in Equity Lifestyle Properties, Inc. (NYSE:ELS)

Convergence Investment Partners LLC purchased a new position in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,135 shares of the real estate investment trust's stock, valued at approximately $409,000.

Other hedge funds also recently bought and sold shares of the company. Venturi Wealth Management LLC raised its position in Equity Lifestyle Properties by 7.0% in the 1st quarter. Venturi Wealth Management LLC now owns 6,634 shares of the real estate investment trust's stock worth $443,000 after buying an additional 436 shares during the last quarter. Oak Thistle LLC purchased a new position in Equity Lifestyle Properties in the 1st quarter worth about $250,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Equity Lifestyle Properties in the 1st quarter worth about $13,181,000. Y Intercept Hong Kong Ltd purchased a new position in Equity Lifestyle Properties in the 1st quarter worth about $1,879,000. Finally, Allianz Asset Management GmbH grew its stake in shares of Equity Lifestyle Properties by 41.4% during the 1st quarter. Allianz Asset Management GmbH now owns 430,985 shares of the real estate investment trust's stock valued at $28,747,000 after purchasing an additional 126,200 shares during the period. Institutional investors own 97.21% of the company's stock.

Insiders Place Their Bets

In related news, CFO Paul Seavey sold 10,000 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $64.72, for a total transaction of $647,200.00. Following the sale, the chief financial officer owned 78,162 shares in the company, valued at approximately $5,058,644.64. This represents a 11.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

ELS has been the topic of several analyst reports. Wells Fargo & Company lowered their price target on shares of Equity Lifestyle Properties from $82.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday. Royal Bank Of Canada lowered their price target on shares of Equity Lifestyle Properties from $67.00 to $66.00 and set a "sector perform" rating on the stock in a report on Wednesday. BMO Capital Markets lowered their price target on shares of Equity Lifestyle Properties from $78.00 to $77.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Compass Point raised shares of Equity Lifestyle Properties from a "neutral" rating to a "buy" rating and set a $72.00 price target on the stock in a report on Tuesday, July 22nd. Finally, Morgan Stanley initiated coverage on shares of Equity Lifestyle Properties in a report on Tuesday, July 15th. They set a "positive" rating and a $67.50 price target on the stock. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $72.05.

Equity Lifestyle Properties Price Performance

Shares of ELS traded down $0.35 during mid-day trading on Friday, hitting $59.56. 1,382,290 shares of the stock were exchanged, compared to its average volume of 1,557,172. The company has a market cap of $11.39 billion, a PE ratio of 30.86, a price-to-earnings-growth ratio of 3.21 and a beta of 0.72. Equity Lifestyle Properties, Inc. has a 52-week low of $58.86 and a 52-week high of $76.60. The firm has a 50-day moving average of $62.50 and a two-hundred day moving average of $64.67. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.03 and a current ratio of 0.04.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.69. The business had revenue of $313.29 million for the quarter, compared to analysts' expectations of $377.59 million. Equity Lifestyle Properties had a return on equity of 21.12% and a net margin of 24.13%. The company's revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. On average, equities analysts predict that Equity Lifestyle Properties, Inc. will post 3.07 earnings per share for the current year.

Equity Lifestyle Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a dividend of $0.515 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.06 annualized dividend and a yield of 3.46%. Equity Lifestyle Properties's payout ratio is presently 106.74%.

About Equity Lifestyle Properties

Equity LifeStyle Properties, Inc is a real estate investment trust, which engages in the ownership and operation of lifestyle-oriented properties consisting primarily of manufactured home, and recreational vehicle communities. It operates through the following segments: Property Operations and Home Sales and Rentals Operations.