Equity Lifestyle Properties, Inc. $ELS Shares Sold by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management cut its stake in Equity Lifestyle Properties by 19.5% in the first quarter, selling 20,841 shares and leaving it with 85,893 shares valued at about $5.37 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors holding 97.21% of the company’s stock, while several firms either added to or initiated positions in ELS.
• Analysts are generally positive on the stock: the consensus rating is “Moderate Buy,” with an average price target of $68.92, even as the company recently missed earnings estimates but maintained revenue growth.

Resona Asset Management Co. Ltd. reduced its stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 19.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 85,893 shares of the real estate investment trust's stock after selling 20,841 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Equity Lifestyle Properties were worth $5,369,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Equity Lifestyle Properties by 3.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 39,752 shares of the real estate investment trust's stock worth $2,481,000 after buying an additional 1,200 shares during the last quarter. Praxis Investment Management Inc. purchased a new position in Equity Lifestyle Properties during the first quarter valued at approximately $306,000. QRG Capital Management Inc. lifted its holdings in Equity Lifestyle Properties by 28.6% in the first quarter. QRG Capital Management Inc. now owns 11,970 shares of the real estate investment trust's stock valued at $747,000 after acquiring an additional 2,660 shares during the period. HB Wealth Management LLC acquired a new position in Equity Lifestyle Properties in the first quarter valued at approximately $239,000. Finally, Private Advisor Group LLC boosted its position in Equity Lifestyle Properties by 7.8% in the 1st quarter. Private Advisor Group LLC now owns 5,709 shares of the real estate investment trust's stock worth $356,000 after purchasing an additional 411 shares in the last quarter. Hedge funds and other institutional investors own 97.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ELS. Mizuho initiated coverage on shares of Equity Lifestyle Properties in a research note on Tuesday, March 31st. They set an "outperform" rating and a $72.00 price objective on the stock. Robert W. Baird boosted their target price on shares of Equity Lifestyle Properties from $73.00 to $74.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Jefferies Financial Group raised shares of Equity Lifestyle Properties to a "strong-buy" rating in a report on Friday, June 26th. Odeon Capital Group set a $65.00 price target on shares of Equity Lifestyle Properties in a research report on Thursday. Finally, Wells Fargo & Company cut their price objective on shares of Equity Lifestyle Properties from $70.00 to $69.00 and set an "equal weight" rating for the company in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $68.92.

Equity Lifestyle Properties Stock Performance

NYSE:ELS opened at $63.55 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.04 and a current ratio of 0.04. The company has a fifty day moving average of $63.22 and a two-hundred day moving average of $63.91. The stock has a market capitalization of $12.32 billion, a PE ratio of 31.77, a P/E/G ratio of 3.86 and a beta of 0.66. Equity Lifestyle Properties, Inc. has a fifty-two week low of $58.15 and a fifty-two week high of $69.00.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The real estate investment trust reported $0.56 earnings per share (EPS) 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 analyst estimates of $395.71 million. Equity Lifestyle Properties had a net margin of 24.99% and a return on equity of 21.22%. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 EPS. As a group, research analysts forecast that Equity Lifestyle Properties, Inc. will post 3.18 earnings per share for the current fiscal year.

Equity Lifestyle Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 26th were issued a $0.5425 dividend. This represents a $2.17 annualized dividend and a yield of 3.4%. The ex-dividend date was Friday, June 26th. Equity Lifestyle Properties's payout ratio is presently 108.50%.

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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