Freestone Grove Partners LP Invests $1.52 Million in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Freestone Grove Partners acquired 23,648 shares of Equity Lifestyle Properties worth approximately $1.52 million, while institutional investors and hedge funds 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 the $0.72 consensus forecast.
• The company declared a quarterly dividend of $0.5425, equivalent to an annualized $2.17 payout and a 3.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $68.52 versus the stock’s $63.63 opening price.

Freestone Grove Partners LP purchased a new stake in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,648 shares of the real estate investment trust's stock, valued at approximately $1,524,000.

Several other institutional investors and hedge funds have also modified their holdings of ELS. Wiser Advisor Group LLC acquired a new stake in Equity Lifestyle Properties in the 3rd quarter worth about $25,000. Caitong International Asset Management Co. Ltd grew its position in shares of Equity Lifestyle Properties by 943.8% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 501 shares of the real estate investment trust's stock worth $30,000 after purchasing an additional 453 shares in the last quarter. Clearstead Trust LLC grew its position in shares of Equity Lifestyle Properties by 74.8% during the 4th quarter. Clearstead Trust LLC now owns 540 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 231 shares in the last quarter. Fulcrum Asset Management LLP bought a new position in shares of Equity Lifestyle Properties during the third quarter worth approximately $34,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Equity Lifestyle Properties during the second quarter worth approximately $37,000. 97.21% of the stock is currently owned by institutional investors and hedge funds.

Equity Lifestyle Properties Stock Performance

Shares of ELS stock opened at $63.63 on Friday. The business's 50-day moving average price is $64.86 and its 200-day moving average price is $64.62. Equity Lifestyle Properties, Inc. has a 12 month low of $58.72 and a 12 month high of $69.00. The firm has a market capitalization of $12.35 billion, a price-to-earnings ratio of 30.59, a PEG ratio of 3.71 and a beta of 0.64. The company has a current ratio of 0.02, a quick ratio of 0.02 and a debt-to-equity ratio of 0.31.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.72 by ($0.22). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%.The business had revenue of $397.81 million for the quarter, compared to analyst estimates of $383.66 million. During the same quarter last year, the firm posted $0.69 EPS. Equity Lifestyle Properties's revenue for the quarter was up 5.5% on a year-over-year basis. Equities research analysts forecast that Equity Lifestyle Properties, Inc. will post 3.2 EPS for the current year.

Equity Lifestyle Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be issued a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, September 25th. Equity Lifestyle Properties's dividend payout ratio (DPR) is presently 104.33%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ELS shares. Wells Fargo & Company cut their price target on Equity Lifestyle Properties from $70.00 to $69.00 and set an "equal weight" rating for the company in a research note on Monday, June 1st. Morgan Stanley reaffirmed a "mixed" rating and issued a $59.00 price target (down from $62.50) on shares of Equity Lifestyle Properties in a research note on Wednesday, August 12th. Barclays set a $69.00 price objective on shares of Equity Lifestyle Properties and gave the stock an "equal weight" rating in a research report on Monday, August 17th. Jefferies Financial Group upgraded shares of Equity Lifestyle Properties to a "strong-buy" rating in a research note on Wednesday, July 22nd. Finally, Truist Financial set a $67.00 target price on shares of Equity Lifestyle Properties and gave the company a "hold" rating in a report on Tuesday, May 5th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $68.52.

About Equity Lifestyle Properties

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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