BlackRock Inc. Purchases New Holdings in Equity Lifestyle Properties, Inc. $ELS

Key Points

• BlackRock acquired 24.46 million shares of Equity Lifestyle Properties in the second quarter, worth approximately $1.58 billion and representing a 12.6% stake. Institutional investors collectively own 97.21% of ELS.
• ELS reported quarterly revenue of $397.81 million, up 5.5% year over year and above estimates, but earnings per share of $0.50 missed consensus by $0.22.
• The company declared a quarterly dividend of $0.5425 per share, equivalent to an annualized $2.17 and a 3.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $68.52.

BlackRock Inc. acquired a new stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 24,460,025 shares of the real estate investment trust's stock, valued at approximately $1,576,449,000. BlackRock Inc. owned approximately 12.60% of Equity Lifestyle Properties as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ELS. Vanguard Group Inc. raised its stake in shares of Equity Lifestyle Properties by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 25,477,480 shares of the real estate investment trust's stock valued at $1,544,190,000 after purchasing an additional 592,013 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings 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 worth $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% in the 4th quarter. Cohen & Steers Inc. now owns 10,614,040 shares of the real estate investment trust's stock worth $643,331,000 after buying an additional 2,246,622 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Equity Lifestyle Properties by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 6,435,365 shares of the real estate investment trust's stock valued at $401,698,000 after buying an additional 66,772 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Equity Lifestyle Properties by 2.2% in the 4th 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 buying an additional 100,364 shares during the period. 97.21% of the stock is currently owned by hedge funds and other institutional investors.

Equity Lifestyle Properties Trading Down 0.4%

Shares of ELS stock opened at $65.49 on Friday. Equity Lifestyle Properties, Inc. has a 1 year low of $58.72 and a 1 year high of $69.00. The firm has a market capitalization of $12.71 billion, a PE ratio of 31.49, a price-to-earnings-growth ratio of 3.83 and a beta of 0.64. The stock has a fifty day moving average of $64.70 and a two-hundred day moving average of $64.62. 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 (NYSE:ELS - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.72 by ($0.22). The company had revenue of $397.81 million for 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%. Equity Lifestyle Properties's revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 earnings per share. As a group, research analysts expect that Equity Lifestyle Properties, Inc. will post 3.2 EPS for the current year.

Equity Lifestyle Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 25th will be paid a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, September 25th. Equity Lifestyle Properties's dividend payout ratio (DPR) is currently 104.33%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Equity Lifestyle Properties from $70.00 to $69.00 and set an "equal weight" rating on the stock in a research note on Monday, June 1st. Morgan Stanley restated a "mixed" rating and issued a $59.00 target price (down from $62.50) on shares of Equity Lifestyle Properties in a research note on Wednesday, August 12th. Odeon Capital Group set a $65.00 target price on Equity Lifestyle Properties in a report on Thursday, July 9th. Truist Financial set a $67.00 price target on Equity Lifestyle Properties and gave the stock a "hold" rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings raised shares of Equity Lifestyle Properties from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, August 14th. One 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $68.52.

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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