Bank of America Corp DE Grows Position in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Bank of America increased its Equity Lifestyle Properties stake by 24.4% in the first quarter, adding 388,806 shares to own 1.98 million shares worth approximately $123.6 million. Institutional investors collectively hold 97.21% of ELS.
• ELS reported quarterly revenue of $397.8 million, up 5.5% year over year and above estimates, but earnings per share of $0.50 missed expectations of $0.72.
• The company declared a quarterly dividend of $0.5425, equivalent to an annualized $2.17 payout and a 3.4% yield. Analysts maintain a consensus “Hold” rating with a $68.70 target price, compared with a recent share price of $64.65.

Bank of America Corp DE grew its holdings in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 24.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,980,918 shares of the real estate investment trust's stock after purchasing an additional 388,806 shares during the quarter. Bank of America Corp DE owned about 1.02% of Equity Lifestyle Properties worth $123,649,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Empowered Funds LLC raised its holdings in Equity Lifestyle Properties by 3.5% during the 4th quarter. Empowered Funds LLC now owns 5,055 shares of the real estate investment trust's stock valued at $306,000 after acquiring an additional 169 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Equity Lifestyle Properties by 30.3% in the first quarter. Bessemer Group Inc. now owns 735 shares of the real estate investment trust's stock worth $46,000 after acquiring an additional 171 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Equity Lifestyle Properties by 0.4% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 43,367 shares of the real estate investment trust's stock worth $2,628,000 after acquiring an additional 172 shares during the period. Private Advisor Group LLC grew its position in shares of Equity Lifestyle Properties by 3.7% in the third quarter. Private Advisor Group LLC now owns 4,948 shares of the real estate investment trust's stock valued at $300,000 after purchasing an additional 178 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Equity Lifestyle Properties by 3.5% in the first quarter. Fifth Third Bancorp now owns 5,561 shares of the real estate investment trust's stock valued at $347,000 after purchasing an additional 189 shares in the last quarter. Institutional investors own 97.21% of the company's stock.

Equity Lifestyle Properties Price Performance

Equity Lifestyle Properties stock opened at $64.65 on Friday. The stock has a market cap of $12.55 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 3.79 and a beta of 0.64. The company has a quick ratio of 0.02, a current ratio of 0.02 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $64.18 and a 200 day simple moving average of $64.49. Equity Lifestyle Properties, Inc. has a 52 week low of $58.72 and a 52 week high of $69.00.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last released 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 business had revenue of $397.81 million during the quarter, compared to analysts' expectations of $383.66 million. Equity Lifestyle Properties had a net margin of 25.92% and a return on equity of 22.31%. The business's revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.69 EPS. On average, research analysts forecast that Equity Lifestyle Properties, Inc. will post 3.19 earnings per share for the current fiscal year.

Equity Lifestyle Properties Dividend Announcement

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 $0.5425 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.4%. Equity Lifestyle Properties's dividend payout ratio is presently 104.33%.

Analyst Ratings Changes

ELS has been the topic of a number of analyst reports. Odeon Capital Group set a $65.00 price objective on Equity Lifestyle Properties in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft raised Equity Lifestyle Properties from a "hold" rating to a "buy" rating and set a $72.00 target price for the company in a report on Wednesday, April 15th. Barclays reiterated an "equal weight" rating and set a $68.00 price target on shares of Equity Lifestyle Properties in a research report on Tuesday, July 14th. Wall Street Zen raised shares of Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. Finally, Truist Financial set a $67.00 price objective on shares of Equity Lifestyle Properties and gave the company a "hold" rating in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $68.70.

Equity Lifestyle Properties 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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