Adelante Capital Management LLC Acquires Shares of 615,154 Equity Lifestyle Properties, Inc. $ELS

Key Points

• Adelante Capital Management acquired 615,154 shares of Equity Lifestyle Properties, worth approximately $39.6 million, making ELS its 11th-largest holding and representing about 0.32% of the REIT.
• ELS reported quarterly revenue of $397.8 million, up 5.5% year over year, but earnings per share of $0.50 missed the $0.72 consensus estimate. The stock was recently trading at $64.66, down 1.1%.
• The company declared a quarterly dividend of $0.5425 per share, or $2.17 annualized, yielding about 3.4%; analysts maintain a consensus “Moderate Buy” rating with an average price target of $68.52.

Adelante Capital Management LLC bought a new position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 615,154 shares of the real estate investment trust's stock, valued at approximately $39,647,000. Equity Lifestyle Properties accounts for 2.6% of Adelante Capital Management LLC's portfolio, making the stock its 11th largest position. Adelante Capital Management LLC owned about 0.32% of Equity Lifestyle Properties at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC grew its stake in Equity Lifestyle Properties by 14.1% in the first quarter. Empowered Funds LLC now owns 6,516 shares of the real estate investment trust's stock worth $435,000 after purchasing an additional 804 shares during the period. Jane Street Group LLC lifted its position in Equity Lifestyle Properties by 598.5% during the first quarter. Jane Street Group LLC now owns 119,397 shares of the real estate investment trust's stock valued at $7,964,000 after buying an additional 102,303 shares during the period. Intech Investment Management LLC lifted its position in Equity Lifestyle Properties by 62.3% during the first quarter. Intech Investment Management LLC now owns 23,114 shares of the real estate investment trust's stock valued at $1,542,000 after buying an additional 8,873 shares during the period. Cetera Investment Advisers lifted its position in Equity Lifestyle Properties by 111.0% during the second quarter. Cetera Investment Advisers now owns 10,122 shares of the real estate investment trust's stock valued at $624,000 after buying an additional 5,325 shares during the period. Finally, Gamco Investors INC. ET AL bought a new stake in shares of Equity Lifestyle Properties during the 2nd quarter valued at $300,000. Institutional investors own 97.21% of the company's stock.

Equity Lifestyle Properties Stock Down 1.1%

NYSE:ELS opened at $64.66 on Thursday. The firm has a market cap of $12.55 billion, a P/E ratio of 31.09, a P/E/G ratio of 3.81 and a beta of 0.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.02 and a current ratio of 0.02. Equity Lifestyle Properties, Inc. has a fifty-two week low of $58.72 and a fifty-two week high of $69.00. The firm has a 50-day simple moving average of $64.80 and a two-hundred day simple moving average of $64.64.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.22). The firm had revenue of $397.81 million for the quarter, compared to the consensus estimate of $383.66 million. Equity Lifestyle Properties had a net margin of 25.92% and a return on equity of 22.31%. Equity Lifestyle Properties's revenue was up 5.5% on a year-over-year basis. During the same period last year, the business earned $0.69 EPS. Analysts predict that Equity Lifestyle Properties, Inc. will post 3.2 earnings per share for the current fiscal year.

Equity Lifestyle Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be issued a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, September 25th. Equity Lifestyle Properties's dividend payout ratio (DPR) is presently 104.33%.

Analyst Ratings Changes

A number of brokerages recently issued reports on ELS. Morgan Stanley reissued a "mixed" rating and set a $59.00 price target (down from $62.50) on shares of Equity Lifestyle Properties in a research report on Wednesday, August 12th. Barclays set a $69.00 price objective on shares of Equity Lifestyle Properties and gave the stock an "equal weight" rating in a report on Monday, August 17th. Jefferies Financial Group raised shares of Equity Lifestyle Properties to a "strong-buy" rating in a research note on Wednesday, July 22nd. Truist Financial set a $67.00 target price on shares of Equity Lifestyle Properties and gave the company a "hold" rating in a report on Tuesday, May 5th. Finally, Wells Fargo & Company dropped their price target on Equity Lifestyle Properties from $70.00 to $69.00 and set an "equal weight" rating on the stock in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $68.52.

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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