California State Teachers Retirement System Has $13.89 Million Stake in Equity Lifestyle Properties, Inc. $ELS

Key Points

• California State Teachers Retirement System reduced its Equity Lifestyle Properties stake by 0.9% in the second quarter, ending with 215,546 shares worth approximately $13.89 million. Institutional investors collectively own 97.21% of the REIT.
• Equity Lifestyle Properties reported quarterly EPS of $0.50, missing estimates of $0.72, while revenue rose 5.5% year over year to $397.81 million. Shares traded at $61.31, below the analyst consensus price target of $68.30.
• The company declared a quarterly dividend of $0.5425, equivalent to $2.17 annually and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating, though the dividend payout ratio is high at 104.33%.

California State Teachers Retirement System cut its stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 215,546 shares of the real estate investment trust's stock after selling 1,932 shares during the period. California State Teachers Retirement System owned 0.11% of Equity Lifestyle Properties worth $13,891,940 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. HB Wealth Management LLC lifted its position in Equity Lifestyle Properties by 10.0% during the second quarter. HB Wealth Management LLC now owns 4,216 shares of the real estate investment trust's stock valued at $272,000 after purchasing an additional 384 shares during the last quarter. AlphaGrep UK Ltd purchased a new stake in shares of Equity Lifestyle Properties during the 2nd quarter valued at $390,000. NEOS Investment Management LLC grew its stake in shares of Equity Lifestyle Properties by 13.2% during the 2nd quarter. NEOS Investment Management LLC now owns 40,814 shares of the real estate investment trust's stock worth $2,630,000 after purchasing an additional 4,769 shares during the period. Nykredit A S acquired a new stake in shares of Equity Lifestyle Properties in the second quarter valued at approximately $768,000. Finally, Beacon Pointe Advisors LLC purchased a new stake in Equity Lifestyle Properties during the 2nd quarter worth approximately $311,000. 97.21% of the stock is currently owned by institutional investors.

Equity Lifestyle Properties Stock Performance

NYSE ELS traded down $0.27 on Tuesday, reaching $61.31. The stock had a trading volume of 791,715 shares, compared to its average volume of 1,633,436. The stock has a market cap of $11.90 billion, a P/E ratio of 29.42, a price-to-earnings-growth ratio of 3.50 and a beta of 0.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.02 and a current ratio of 0.02. The business's 50-day moving average price is $64.37 and its 200 day moving average price is $64.20. Equity Lifestyle Properties, Inc. has a 12-month low of $58.72 and a 12-month high of $69.00.

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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.22). The company had revenue of $397.81 million during the quarter, compared to analyst estimates of $383.66 million. Equity Lifestyle Properties had a net margin of 25.92% and a return on equity of 22.31%. The company's revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.69 earnings per share. As a group, equities analysts expect that Equity Lifestyle Properties, Inc. will post 3.2 earnings per share for the current year.

Equity Lifestyle Properties Announces Dividend

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 $0.5425 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.17 annualized dividend and a yield of 3.5%. Equity Lifestyle Properties's dividend payout ratio is presently 104.33%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ELS shares. Jefferies Financial Group upgraded shares of Equity Lifestyle Properties to a "strong-buy" rating in a report on Wednesday, July 22nd. Wells Fargo & Company cut their price target on 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. Odeon Capital Group set a $65.00 price target on Equity Lifestyle Properties in a report on Thursday, July 9th. Truist Financial set a $64.00 price objective on shares of Equity Lifestyle Properties and gave the company a "hold" rating in a report on Friday. Finally, Morgan Stanley reissued a "mixed" rating and set a $59.00 price objective (down from $62.50) on shares of Equity Lifestyle Properties in a research note on Wednesday, August 12th. 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's stock. According to MarketBeat.com, Equity Lifestyle Properties has an average rating of "Moderate Buy" and an average price target of $68.30.

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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