Bank of America Corp DE Purchases Shares of 1,944,155 Equity Lifestyle Properties, Inc. $ELS

Key Points

• Bank of America acquired 1.94 million shares of Equity Lifestyle Properties in the second quarter, worth approximately $125.3 million and representing a 1.0% stake. Institutional investors collectively own 97.21% of the REIT.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $68.30, compared with the stock’s reported price of $60.49.
• Equity Lifestyle Properties reported quarterly EPS of $0.50, below the $0.72 consensus estimate, although revenue rose 5.5% year over year to $397.81 million. The company declared a quarterly dividend of $0.5425, equivalent to a 3.6% annualized yield.

Bank of America Corp DE acquired a new stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,944,155 shares of the real estate investment trust's stock, valued at approximately $125,301,000. Bank of America Corp DE owned 1.00% of Equity Lifestyle Properties as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ELS. Freestone Grove Partners LP acquired a new stake in shares of Equity Lifestyle Properties during the second quarter worth approximately $1,524,000. Jupiter Topco LLC acquired a new stake in shares of Equity Lifestyle Properties in the second quarter valued at $34,051,000. Hsbc Holdings PLC acquired a new stake in shares of Equity Lifestyle Properties in the second quarter valued at $35,386,000. Canada Pension Plan Investment Board bought a new position in shares of Equity Lifestyle Properties in the second quarter valued at about $91,434,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Equity Lifestyle Properties in the second quarter valued at about $38,000. 97.21% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ELS shares. Jefferies Financial Group raised shares of Equity Lifestyle Properties to a "strong-buy" rating in a research note on Wednesday, July 22nd. Odeon Capital Group set a $65.00 price target on shares of Equity Lifestyle Properties in a research note on Thursday, July 9th. Truist Financial set a $64.00 price target on shares of Equity Lifestyle Properties and gave the company a "hold" rating in a report on Friday, September 11th. Weiss Ratings cut shares of Equity Lifestyle Properties from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, September 8th. Finally, Barclays set a $69.00 price objective on Equity Lifestyle Properties and gave the stock an "equal weight" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Equity Lifestyle Properties has an average rating of "Moderate Buy" and a consensus price target of $68.30.

Equity Lifestyle Properties Stock Down 1.0%

Equity Lifestyle Properties stock opened at $60.49 on Friday. The stock has a market capitalization of $11.74 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 3.56 and a beta of 0.64. Equity Lifestyle Properties, Inc. has a twelve month low of $58.72 and a twelve month high of $69.00. 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 company has a 50 day moving average of $64.12 and a 200-day moving average of $64.03.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.72 by ($0.22). The firm had revenue of $397.81 million during 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%. The business's revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 earnings per share. On average, equities research analysts anticipate that Equity Lifestyle Properties, Inc. will post 3.2 EPS for the current fiscal year.

Equity Lifestyle Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be paid a $0.5425 dividend. The ex-dividend date is Friday, September 25th. This represents a $2.17 annualized dividend and a yield of 3.6%. Equity Lifestyle Properties's payout ratio is presently 104.33%.

About Equity Lifestyle Properties

Equity LifeStyle Properties, Inc NYSE: ELS is a real estate investment trust that owns, operates and manages residential communities and resort properties across the United States. Its portfolio primarily consists of manufactured home communities, recreational vehicle (RV) resorts and campgrounds.

The company provides long-term homesites for manufactured housing residents, as well as seasonal and transient accommodations for RV owners and vacationers. Its properties generally offer amenities and services such as clubhouses, swimming pools, recreational facilities, community events and utility connections.

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