Geode Capital Management LLC Raises Position in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Geode Capital Management increased its stake in Equity Lifestyle Properties by 2.2% in the fourth quarter, bringing its holdings to 4.71 million shares valued at about $285 million.
• Institutional ownership remains very high, with hedge funds and other institutions owning 97.21% of the REIT; several other large investors also boosted their positions recently.
• Analysts are mixed but lean positive: the stock has a Moderate Buy consensus rating with an average price target of $69.20, while the shares recently traded at $60.83 after the company missed Q1 earnings estimates.

Geode Capital Management LLC lifted its stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,712,562 shares of the real estate investment trust's stock after purchasing an additional 100,364 shares during the period. Geode Capital Management LLC owned 2.43% of Equity Lifestyle Properties worth $285,048,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ELS. Daiwa Securities Group Inc. increased its stake in shares of Equity Lifestyle Properties by 253.7% during the 3rd quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust's stock worth $191,025,000 after purchasing an additional 2,257,299 shares during the last quarter. Centersquare Investment Management LLC boosted its holdings in Equity Lifestyle Properties by 2,448.8% in the 3rd 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 during the period. Victory Capital Management Inc. boosted 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 worth $414,194,000 after buying an additional 1,674,281 shares during the period. Royal London Asset Management Ltd. boosted its holdings in Equity Lifestyle Properties by 1,520.4% in the 2nd 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 during the period. Finally, Lasalle Investment Management Securities LLC bought a new position in Equity Lifestyle Properties in the 3rd quarter worth approximately $50,810,000. Hedge funds and other institutional investors own 97.21% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on ELS shares. Wall Street Zen raised shares of Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. Zelman & Associates started coverage on shares of Equity Lifestyle Properties in a report on Monday, March 16th. They issued an "underperform" rating and a $59.25 price objective for the company. BMO Capital Markets reaffirmed an "outperform" rating and issued a $75.00 price objective (up from $72.00) on shares of Equity Lifestyle Properties in a report on Wednesday, February 18th. Truist Financial set a $67.00 price objective on shares of Equity Lifestyle Properties and gave the stock a "hold" rating in a report on Tuesday, May 5th. Finally, Mizuho started coverage on shares of Equity Lifestyle Properties in a report on Tuesday, March 31st. They issued an "outperform" rating and a $72.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Equity Lifestyle Properties presently has a consensus rating of "Moderate Buy" and an average price target of $69.20.

Equity Lifestyle Properties Price Performance

Shares of NYSE:ELS opened at $60.83 on Tuesday. The stock has a market cap of $11.80 billion, a PE ratio of 30.42, a PEG ratio of 3.76 and a beta of 0.69. The company's fifty day moving average is $63.24 and its 200 day moving average is $63.58. Equity Lifestyle Properties, Inc. has a 52 week low of $58.15 and a 52 week high of $69.00. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.29.

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

Equity Lifestyle Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be given a $0.5425 dividend. The ex-dividend date is Friday, June 26th. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.6%. Equity Lifestyle Properties's payout ratio is presently 108.50%.

Insider Activity

In other Equity Lifestyle Properties news, Director David J. Contis sold 3,000 shares of the business's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $67.22, for a total value of $201,660.00. Following the transaction, the director owned 14,890 shares in the company, valued at approximately $1,000,905.80. The trade was a 16.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.80% of the company's stock.

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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