Bank of New York Mellon Corp Sells 59,719 Shares of Equity Lifestyle Properties, Inc. $ELS

Key Points

• Bank of New York Mellon cut its stake in Equity Lifestyle Properties by 3.6% in the fourth quarter, selling 59,719 shares and leaving it with 1,605,822 shares valued at about $97.3 million.
• Several other institutional investors also adjusted their holdings, and hedge funds and institutions now own 97.21% of the company’s stock.
• Equity Lifestyle Properties reported Q1 earnings of $0.56 per share, missing analyst expectations, while revenue came in slightly above estimates at $397.62 million; the company also declared a quarterly dividend of $0.5425 per share.

Bank of New York Mellon Corp decreased its position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 3.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,605,822 shares of the real estate investment trust's stock after selling 59,719 shares during the period. Bank of New York Mellon Corp owned about 0.83% of Equity Lifestyle Properties worth $97,329,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC grew its position in Equity Lifestyle Properties by 14.1% in the 1st 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 holdings in Equity Lifestyle Properties by 598.5% in 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 acquiring an additional 102,303 shares during the period. Intech Investment Management LLC boosted its position in Equity Lifestyle Properties by 62.3% in the first quarter. Intech Investment Management LLC now owns 23,114 shares of the real estate investment trust's stock worth $1,542,000 after purchasing an additional 8,873 shares during the last quarter. Cetera Investment Advisers boosted its position in Equity Lifestyle Properties by 111.0% in the second quarter. Cetera Investment Advisers now owns 10,122 shares of the real estate investment trust's stock worth $624,000 after purchasing an additional 5,325 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new stake in shares of Equity Lifestyle Properties during the 2nd quarter valued at about $300,000. Hedge funds and other institutional investors own 97.21% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ELS. Barclays lowered their price objective on shares of Equity Lifestyle Properties from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Monday, May 11th. 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. Zelman & Associates assumed coverage on shares of Equity Lifestyle Properties in a research report on Monday, March 16th. They issued an "underperform" rating and a $59.25 price target on the stock. Zacks Research raised shares of Equity Lifestyle Properties from a "strong sell" rating to a "hold" rating in a research report on Monday, February 23rd. Finally, Wall Street Zen raised Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $69.20.

Insider Activity at Equity Lifestyle Properties

In other news, Director David J. Contis sold 3,000 shares of the business's stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $67.22, for a total value of $201,660.00. Following the transaction, the director owned 14,890 shares of the company's stock, valued at approximately $1,000,905.80. The trade was a 16.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.80% of the company's stock.

Equity Lifestyle Properties Stock Down 1.4%

Shares of ELS stock opened at $61.53 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.04 and a quick ratio of 0.04. Equity Lifestyle Properties, Inc. has a one year low of $58.15 and a one year high of $69.00. The company's fifty day moving average price is $63.08 and its 200-day moving average price is $63.57. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of 30.77, a PEG ratio of 3.80 and a beta of 0.67.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.84 by ($0.28). The business had revenue of $397.62 million during the quarter, compared to analysts' expectations of $395.71 million. Equity Lifestyle Properties had a return on equity of 21.22% and a net margin of 24.99%.The company's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 EPS. Sell-side analysts expect that Equity Lifestyle Properties, Inc. will post 3.18 EPS for the current fiscal year.

Equity Lifestyle Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 26th will be given a dividend of $0.5425 per share. The ex-dividend date is Friday, June 26th. This represents a $2.17 annualized dividend and a dividend yield of 3.5%. Equity Lifestyle Properties's dividend payout ratio (DPR) is presently 108.50%.

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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