Bank of New York Mellon Corp Invests $89.01 Million in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Bank of New York Mellon acquired 1.38 million shares of Equity Lifestyle Properties worth approximately $89.0 million, representing about 0.71% of the REIT. Institutional investors collectively own 97.21% of ELS.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $68.52, despite several firms recently lowering targets or maintaining neutral ratings.
• ELS reported quarterly revenue of $397.8 million, up 5.5% year over year, but earnings per share of $0.50 fell short of the $0.72 consensus estimate. The company declared a quarterly dividend of $0.5425, implying a 3.3% annualized yield.

Bank of New York Mellon Corp bought a new position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,381,101 shares of the real estate investment trust's stock, valued at approximately $89,012,000. Bank of New York Mellon Corp owned approximately 0.71% of Equity Lifestyle Properties as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Equity Lifestyle Properties by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 25,477,480 shares of the real estate investment trust's stock worth $1,544,190,000 after purchasing an additional 592,013 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of 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 valued at $966,648,000 after purchasing an additional 11,999,874 shares during the period. Cohen & Steers Inc. lifted its position 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 purchasing an additional 2,246,622 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Equity Lifestyle Properties by 1.0% during the first quarter. Principal Financial Group Inc. now owns 6,435,365 shares of the real estate investment trust's stock worth $401,698,000 after purchasing an additional 66,772 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Equity Lifestyle Properties by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 4,712,562 shares of the real estate investment trust's stock valued at $285,048,000 after purchasing an additional 100,364 shares during the period. Hedge funds and other institutional investors own 97.21% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on ELS. Wells Fargo & Company dropped their price objective on Equity Lifestyle Properties from $70.00 to $69.00 and set an "equal weight" rating on the stock in a report on Monday, June 1st. 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. Odeon Capital Group set a $65.00 price target on shares of Equity Lifestyle Properties in a research note on Thursday, July 9th. Jefferies Financial Group raised shares of Equity Lifestyle Properties to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Barclays set a $69.00 price objective on shares of Equity Lifestyle Properties and gave the company an "equal weight" rating in a research note on Monday, August 17th. One investment 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 issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.52.

Equity Lifestyle Properties Stock Up 0.4%

Shares of NYSE:ELS opened at $65.74 on Tuesday. The company's fifty day moving average is $64.74 and its two-hundred day moving average is $64.65. 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 1-year low of $58.72 and a 1-year high of $69.00. The stock has a market capitalization of $12.76 billion, a price-to-earnings ratio of 31.61, a price-to-earnings-growth ratio of 3.81 and a beta of 0.64.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last posted its quarterly 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 net margin of 25.92% and a return on equity of 22.31%. The business had revenue of $397.81 million during the quarter, compared to analyst estimates of $383.66 million. During the same period last year, the firm posted $0.69 earnings per share. The company's quarterly revenue was up 5.5% on a year-over-year basis. Equities analysts anticipate that Equity Lifestyle Properties, Inc. will post 3.2 EPS for the current year.

Equity Lifestyle Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors 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 annualized dividend and a dividend yield of 3.3%. Equity Lifestyle Properties's dividend payout ratio (DPR) is 104.33%.

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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