Korea Investment CORP Cuts Holdings in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Korea Investment CORP cut its stake in Equity Lifestyle Properties by 11.2% in Q3, selling 17,294 shares and leaving it with 136,621 shares (about 0.07% of the company) valued at roughly $8.29 million.
• Equity Lifestyle Properties raised its quarterly dividend to $0.5425 (annualized $2.17) for a ~3.2% yield, though the dividend payout ratio is elevated at 102.49%.
• Institutional ownership is very high at 97.21%, with large additions from Victory Capital (+32.5%) and Barclays (+28.4%), and analysts hold a consensus "Moderate Buy" rating with a $70.42 price target.

Korea Investment CORP lowered its stake in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 11.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,621 shares of the real estate investment trust's stock after selling 17,294 shares during the period. Korea Investment CORP owned about 0.07% of Equity Lifestyle Properties worth $8,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Gabelli Funds LLC raised its holdings in Equity Lifestyle Properties by 1.3% in the third quarter. Gabelli Funds LLC now owns 21,327 shares of the real estate investment trust's stock valued at $1,295,000 after acquiring an additional 283 shares in the last quarter. Barclays PLC lifted its stake in Equity Lifestyle Properties by 28.4% in the third quarter. Barclays PLC now owns 383,013 shares of the real estate investment trust's stock worth $23,249,000 after acquiring an additional 84,760 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in Equity Lifestyle Properties by 1.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 14,229 shares of the real estate investment trust's stock worth $864,000 after acquiring an additional 220 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Equity Lifestyle Properties by 2.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,746,011 shares of the real estate investment trust's stock worth $166,675,000 after acquiring an additional 70,725 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of 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 during the last quarter. Hedge funds and other institutional investors own 97.21% of the company's stock.

Equity Lifestyle Properties Stock Down 1.1%

ELS stock opened at $66.98 on Thursday. The stock has a market cap of $12.99 billion, a P/E ratio of 33.32, a PEG ratio of 3.76 and a beta of 0.75. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.30. Equity Lifestyle Properties, Inc. has a twelve month low of $58.15 and a twelve month high of $69.28. The company's 50 day moving average is $64.75 and its two-hundred day moving average is $62.58.

Equity Lifestyle Properties Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Friday, March 27th will be paid a dividend of $0.5425 per share. The ex-dividend date is Friday, March 27th. This represents a $2.17 annualized dividend and a yield of 3.2%. This is an increase from Equity Lifestyle Properties's previous quarterly dividend of $0.52. Equity Lifestyle Properties's dividend payout ratio (DPR) is 102.49%.

Analyst Ratings Changes

ELS has been the topic of a number of analyst reports. Royal Bank Of Canada restated an "outperform" rating and issued a $70.00 price objective on shares of Equity Lifestyle Properties in a report on Friday, January 30th. Deutsche Bank Aktiengesellschaft lowered Equity Lifestyle Properties from a "buy" rating to a "hold" rating and set a $65.00 target price on the stock. in a report on Tuesday, January 20th. Zacks Research upgraded Equity Lifestyle Properties from a "strong sell" rating to a "hold" rating in a research note on Monday, February 23rd. BMO Capital Markets reaffirmed an "outperform" rating and set a $75.00 price target (up from $72.00) on shares of Equity Lifestyle Properties in a report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Equity Lifestyle Properties in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $70.42.

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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