Equity Lifestyle Properties, Inc. $ELS Shares Sold by Lasalle Investment Management Securities LLC

Key Points

• Lasalle Investment Management Securities LLC cut its stake in Equity Lifestyle Properties by 9.0% in the fourth quarter, selling 75,095 shares and leaving it with 761,971 shares valued at about $46.2 million.
• Despite that sale, institutional ownership remains very high: 97.21% of ELS shares are held by institutional investors and hedge funds, with firms like Vanguard and Geode also adding to their positions.
• Equity Lifestyle Properties reported mixed quarterly results, missing EPS estimates at $0.56 versus $0.84 expected while revenue came in slightly above forecasts. The company also declared a quarterly dividend of $0.5425 per share, implying a 3.5% yield.

Lasalle Investment Management Securities LLC reduced its stake in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 761,971 shares of the real estate investment trust's stock after selling 75,095 shares during the period. Equity Lifestyle Properties makes up about 1.8% of Lasalle Investment Management Securities LLC's investment portfolio, making the stock its 22nd biggest holding. Lasalle Investment Management Securities LLC owned approximately 0.39% of Equity Lifestyle Properties worth $46,183,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in 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. Victory Capital Management Inc. increased its holdings in Equity Lifestyle Properties by 32.5% in the 3rd quarter. Victory Capital Management Inc. now owns 6,823,626 shares of the real estate investment trust's stock valued at $414,194,000 after purchasing an additional 1,674,281 shares in the last quarter. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 100,364 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Equity Lifestyle Properties by 253.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust's stock valued at $191,025,000 after purchasing an additional 2,257,299 shares in the last quarter. Finally, Boston Partners increased its holdings in Equity Lifestyle Properties by 2.1% in the 3rd quarter. Boston Partners now owns 2,902,967 shares of the real estate investment trust's stock valued at $176,227,000 after purchasing an additional 60,852 shares in the last quarter. 97.21% of the stock is currently owned by institutional investors and hedge funds.

Equity Lifestyle Properties Price Performance

Shares of NYSE ELS opened at $61.82 on Monday. Equity Lifestyle Properties, Inc. has a fifty-two week low of $58.15 and a fifty-two week high of $69.00. The business has a 50 day moving average price of $63.32 and a two-hundred day moving average price of $63.60. 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 $11.99 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 3.76 and a beta of 0.67.

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

Equity Lifestyle Properties Dividend Announcement

The business also recently declared 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 of this dividend 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%.

Insider Activity at Equity Lifestyle Properties

In other news, Director David J. Contis sold 3,000 shares of the stock in a transaction dated 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 owned 14,890 shares of the company's stock, valued at approximately $1,000,905.80. This trade represents a 16.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.80% of the company's stock.

Analysts Set New Price Targets

ELS has been the subject of several recent research reports. BMO Capital Markets reiterated an "outperform" rating and issued a $75.00 price target (up from $72.00) on shares of Equity Lifestyle Properties in a report on Wednesday, February 18th. Mizuho started 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 for the company. 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 objective for the company. Wells Fargo & Company restated an "equal weight" rating and set a $70.00 price objective (up from $68.00) on shares of Equity Lifestyle Properties in a research note on Friday, February 27th. Finally, Truist Financial set a $67.00 price objective on Equity Lifestyle Properties and gave the company a "hold" rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $69.27.

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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