Bank of New York Mellon Corp Trims Stock Position in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Bank of New York Mellon reduced its stake in Equity Lifestyle Properties by 9.0% in the first quarter, selling 144,043 shares and ending with 1.46 million shares worth about $91.2 million.
• Analyst sentiment is mixed but generally cautious: the stock’s consensus rating is Hold, with an average price target of $68.70. Recent actions included upgrades from Jefferies to strong-buy and from Mizuho and Baird to outperform.
• ELS reported Q1 earnings below estimates, posting $0.56 EPS versus the expected $0.84, though revenue came in slightly ahead of forecasts. The company also paid a quarterly dividend of $0.5425 per share, equal to a 3.3% yield.

Bank of New York Mellon Corp cut its stake in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 9.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,461,779 shares of the real estate investment trust's stock after selling 144,043 shares during the quarter. Bank of New York Mellon Corp owned about 0.75% of Equity Lifestyle Properties worth $91,244,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ELS. Sanctuary Advisors LLC lifted its position in shares of Equity Lifestyle Properties by 20.5% in the 1st quarter. Sanctuary Advisors LLC now owns 15,131 shares of the real estate investment trust's stock worth $944,000 after purchasing an additional 2,575 shares during the period. State of Michigan Retirement System increased its position in shares of Equity Lifestyle Properties by 1.7% during the first quarter. State of Michigan Retirement System now owns 46,600 shares of the real estate investment trust's stock valued at $2,909,000 after buying an additional 800 shares during the period. Principal Financial Group Inc. raised its stake in Equity Lifestyle Properties by 1.0% in 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 buying an additional 66,772 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in Equity Lifestyle Properties in the first quarter worth about $220,000. Finally, Arbejdsmarkedets Tillaegspension lifted its holdings in Equity Lifestyle Properties by 3.9% in the first quarter. Arbejdsmarkedets Tillaegspension now owns 399,946 shares of the real estate investment trust's stock worth $24,965,000 after buying an additional 15,119 shares during the period. 97.21% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on ELS shares. Wall Street Zen raised Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a research report on Saturday, April 11th. Mizuho assumed coverage on Equity Lifestyle Properties in a research note on Tuesday, March 31st. They issued an "outperform" rating and a $72.00 target price for the company. Robert W. Baird lifted their price target on Equity Lifestyle Properties from $73.00 to $74.00 and gave the company an "outperform" rating in a research report on Wednesday, April 22nd. Truist Financial set a $67.00 price target on Equity Lifestyle Properties and gave the stock a "hold" rating in a research note on Tuesday, May 5th. Finally, Jefferies Financial Group upgraded Equity Lifestyle Properties to a "strong-buy" rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $68.70.

Equity Lifestyle Properties Stock Down 0.6%

ELS stock opened at $64.88 on Wednesday. Equity Lifestyle Properties, Inc. has a twelve month low of $58.15 and a twelve month high of $69.00. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.29. The firm has a market cap of $12.58 billion, a PE ratio of 32.44, a price-to-earnings-growth ratio of 3.97 and a beta of 0.66. The business has a 50 day moving average of $63.46 and a 200 day moving average of $64.09.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last released its earnings results on Wednesday, April 22nd. The real estate investment trust reported $0.56 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.28). Equity Lifestyle Properties had a return on equity of 21.22% and a net margin of 24.99%.The company had revenue of $397.62 million during the quarter, compared to the consensus estimate of $395.71 million. During the same period last year, the firm posted $0.57 earnings per share. The company's revenue was up 2.7% compared to the same quarter last year. On average, research analysts forecast that Equity Lifestyle Properties, Inc. will post 3.18 EPS for the current fiscal year.

Equity Lifestyle Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were given a $0.5425 dividend. This represents a $2.17 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, June 26th. Equity Lifestyle Properties's payout ratio is currently 108.50%.

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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