Hsbc Holdings PLC Makes New Investment in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Hsbc Holdings PLC acquired 549,048 shares of Equity Lifestyle Properties during the second quarter, valued at approximately $35.4 million and representing a 0.28% stake. Institutional investors collectively own 97.21% of ELS.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $68.52, compared with shares opening at $63.89.
• ELS reported quarterly revenue of $397.81 million, up 5.5% year over year, but earnings per share of $0.50 missed estimates of $0.72. The company declared a quarterly dividend of $0.5425, implying a 3.4% annual yield.

Hsbc Holdings PLC purchased a new position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 549,048 shares of the real estate investment trust's stock, valued at approximately $35,386,000. Hsbc Holdings PLC owned 0.28% of Equity Lifestyle Properties as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ELS. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Equity Lifestyle Properties by 11.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 337,948 shares of the real estate investment trust's stock valued at $20,206,000 after buying an additional 34,946 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Equity Lifestyle Properties by 1,104.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 673,072 shares of the real estate investment trust's stock valued at $40,794,000 after acquiring an additional 617,202 shares during the period. Legal & General Group Plc boosted its stake in shares of Equity Lifestyle Properties by 13.4% during the 4th quarter. Legal & General Group Plc now owns 1,365,902 shares of the real estate investment trust's stock worth $82,787,000 after acquiring an additional 161,210 shares in the last quarter. BROOKFIELD Corp ON purchased a new stake in shares of Equity Lifestyle Properties during the 1st quarter worth approximately $19,429,000. Finally, Resolution Capital Ltd grew its holdings in shares of Equity Lifestyle Properties by 3.3% in the 1st quarter. Resolution Capital Ltd now owns 1,885,292 shares of the real estate investment trust's stock worth $117,680,000 after acquiring an additional 59,809 shares during the period. Hedge funds and other institutional investors own 97.21% of the company's stock.

Wall Street Analysts Forecast Growth

ELS has been the subject of several research analyst reports. Barclays set a $69.00 price objective on Equity Lifestyle Properties and gave the company an "equal weight" rating in a research note on Monday, August 17th. Wells Fargo & Company lowered their target price on Equity Lifestyle Properties from $70.00 to $69.00 and set an "equal weight" rating on the stock in a report on Monday, June 1st. Odeon Capital Group set a $65.00 price target on Equity Lifestyle Properties in a research report on Thursday, July 9th. Weiss Ratings raised Equity Lifestyle Properties from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 14th. Finally, Morgan Stanley reaffirmed a "mixed" rating and set a $59.00 price target (down from $62.50) on shares of Equity Lifestyle Properties in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $68.52.

Equity Lifestyle Properties Trading Down 1.2%

Shares of ELS opened at $63.89 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.02 and a quick ratio of 0.02. The firm has a 50 day simple moving average of $64.83 and a 200-day simple moving average of $64.62. Equity Lifestyle Properties, Inc. has a 1-year low of $58.72 and a 1-year high of $69.00. The stock has a market cap of $12.40 billion, a price-to-earnings ratio of 30.72, a price-to-earnings-growth ratio of 3.77 and a beta of 0.64.

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

Equity Lifestyle Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders 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 dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, September 25th. Equity Lifestyle Properties's payout ratio is 104.33%.

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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