Adelante Capital Management LLC Decreases Position in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Adelante Capital Management reduced its Equity Lifestyle Properties stake by 4.6% in the first quarter, selling 26,817 shares and retaining 553,063 shares valued at approximately $34.5 million.
• Institutional ownership remains high at 97.21%, with several major investors—including T. Rowe Price, Daiwa Securities, Cohen & Steers, and Royal London—substantially increasing their positions.
• Analysts maintain a consensus “Hold” rating with a $68.70 price target. ELS recently reported quarterly revenue of $397.8 million, above estimates, but earnings per share of $0.50 missed the $0.72 consensus.

Adelante Capital Management LLC decreased its stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 553,063 shares of the real estate investment trust's stock after selling 26,817 shares during the quarter. Equity Lifestyle Properties makes up 2.3% of Adelante Capital Management LLC's investment portfolio, making the stock its 14th biggest holding. Adelante Capital Management LLC owned approximately 0.29% of Equity Lifestyle Properties worth $34,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in Equity Lifestyle Properties by 303.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,948,613 shares of the real estate investment trust's stock worth $966,648,000 after buying an additional 11,999,874 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Equity Lifestyle Properties by 253.7% in the third quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust's stock valued at $191,025,000 after acquiring an additional 2,257,299 shares in the last quarter. Cohen & Steers Inc. increased its stake in shares of Equity Lifestyle Properties by 26.8% during the fourth quarter. Cohen & Steers Inc. now owns 10,614,040 shares of the real estate investment trust's stock worth $643,331,000 after acquiring an additional 2,246,622 shares during the period. Norges Bank purchased a new stake in shares of Equity Lifestyle Properties during the 4th quarter worth $125,352,000. Finally, Royal London Asset Management Ltd. increased its holdings in Equity Lifestyle Properties by 1,520.4% in the second quarter. Royal London Asset Management Ltd. now owns 1,771,803 shares of the real estate investment trust's stock valued at $109,267,000 after buying an additional 1,662,458 shares in the last quarter. 97.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Truist Financial set a $67.00 price target on shares of Equity Lifestyle Properties and gave the company a "hold" rating in a report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft raised shares of Equity Lifestyle Properties from a "hold" rating to a "buy" rating and set a $72.00 price target on the stock in a research report on Wednesday, April 15th. Robert W. Baird upped their price target on shares of Equity Lifestyle Properties from $73.00 to $74.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 22nd. Jefferies Financial Group upgraded Equity Lifestyle Properties to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen raised Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a research report on Saturday, April 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $68.70.

Equity Lifestyle Properties Trading Up 1.5%

Shares of NYSE ELS opened at $66.05 on Wednesday. The company has a current ratio of 0.02, a quick ratio of 0.04 and a debt-to-equity ratio of 0.31. The stock's 50 day simple moving average is $63.82 and its 200 day simple moving average is $64.30. The company has a market cap of $12.81 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 3.96 and a beta of 0.66. Equity Lifestyle Properties, Inc. has a 12-month low of $58.15 and a 12-month high of $69.00.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.22). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%.The firm had revenue of $397.81 million during the quarter, compared to the consensus estimate of $383.66 million. During the same quarter last year, the company posted $0.69 EPS. Equity Lifestyle Properties's revenue for the quarter was up 5.5% on a year-over-year basis. Equities research analysts expect that Equity Lifestyle Properties, Inc. will post 3.18 EPS for the current year.

About Equity Lifestyle Properties

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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