Cohen & Steers Inc. Increases Stock Holdings in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Cohen & Steers Inc. increased its stake in Equity Lifestyle Properties by 26.8% in the fourth quarter, buying more than 2.2 million shares and making ELS its 22nd-largest holding. The fund now owns about 5.48% of the REIT, valued at roughly $643.3 million.
• ELS recently reported quarterly earnings of $0.56 per share, missing analyst expectations, even though revenue came in slightly above estimates at $397.6 million and rose 2.7% year over year. The company also has a quarterly dividend of $0.5425 per share, implying a 3.3% annual yield.
• Wall Street’s view on the stock is mixed but generally positive, with an overall Moderate Buy rating and a consensus price target of $69.20. Meanwhile, insider activity included a director selling 3,000 shares in March.

Cohen & Steers Inc. lifted its position in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 26.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,614,040 shares of the real estate investment trust's stock after buying an additional 2,246,622 shares during the quarter. Equity Lifestyle Properties makes up approximately 1.2% of Cohen & Steers Inc.'s portfolio, making the stock its 22nd biggest holding. Cohen & Steers Inc. owned approximately 5.48% of Equity Lifestyle Properties worth $643,331,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ELS. Daiwa Securities Group Inc. lifted its holdings in shares of Equity Lifestyle Properties by 253.7% in the third quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust's stock worth $191,025,000 after buying an additional 2,257,299 shares in the last quarter. Norges Bank purchased a new stake in shares of Equity Lifestyle Properties in the fourth quarter worth about $125,352,000. Centersquare Investment Management LLC lifted its holdings in shares of Equity Lifestyle Properties by 2,448.8% in the third quarter. Centersquare Investment Management LLC now owns 1,963,378 shares of the real estate investment trust's stock worth $119,177,000 after buying an additional 1,886,348 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Equity Lifestyle Properties by 32.5% in the third quarter. Victory Capital Management Inc. now owns 6,823,626 shares of the real estate investment trust's stock worth $414,194,000 after buying an additional 1,674,281 shares in the last quarter. Finally, Royal London Asset Management Ltd. lifted its holdings in shares of Equity Lifestyle Properties by 1,520.4% in the second quarter. Royal London Asset Management Ltd. now owns 1,771,803 shares of the real estate investment trust's stock worth $109,267,000 after buying an additional 1,662,458 shares in the last quarter. 97.21% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Equity Lifestyle Properties news, Director David J. Contis sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $67.22, for a total transaction of $201,660.00. Following the transaction, the director directly owned 14,890 shares in the company, valued at $1,000,905.80. This trade represents a 16.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.80% of the stock is owned by insiders.

Equity Lifestyle Properties Stock Up 1.3%

ELS stock opened at $64.80 on Friday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.29. The company's 50 day moving average is $63.20 and its 200 day moving average is $63.62. The stock has a market cap of $12.57 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 3.89 and a beta of 0.67. Equity Lifestyle Properties, Inc. has a 1-year low of $58.15 and a 1-year high of $69.00.

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

Equity Lifestyle Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be given a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, June 26th. Equity Lifestyle Properties's dividend payout ratio (DPR) is presently 108.50%.

Wall Street Analyst Weigh In

ELS has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. Truist Financial set a $67.00 price objective on shares of Equity Lifestyle Properties and gave the stock a "hold" rating in a research report on Tuesday, May 5th. Mizuho began coverage on shares of Equity Lifestyle Properties in a research report on Tuesday, March 31st. They issued an "outperform" rating and a $72.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Equity Lifestyle Properties from a "hold" rating to a "buy" rating and set a $72.00 price objective on the stock in a research report on Wednesday, April 15th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $75.00 price objective (up from $72.00) on shares of Equity Lifestyle Properties in a research report on Wednesday, February 18th. One investment 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $69.20.

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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