Massachusetts Financial Services Co. MA Sells 859,832 Shares of Equity Lifestyle Properties, Inc. $ELS

Key Points

• Massachusetts Financial Services Co. MA sold 859,832 shares, trimming its stake in Equity Lifestyle Properties by 16% to 4,515,322 shares (about 2.33% ownership) valued at $273.67 million.
• Equity Lifestyle raised its quarterly dividend to $0.5425 (annualized $2.17) for a 3.4% yield, although the dividend payout ratio is high at roughly 107.96%.
• Analyst sentiment is mixed but modestly positive: MarketBeat shows a consensus "Moderate Buy" with a $69.05 target, amid recent target increases from Truist and BMO and a downgrade from Deutsche Bank.

Massachusetts Financial Services Co. MA lessened its stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 16.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,515,322 shares of the real estate investment trust's stock after selling 859,832 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.33% of Equity Lifestyle Properties worth $273,674,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Equity Lifestyle Properties during the third quarter worth $1,243,000. Fermata Advisors LLC grew its stake in shares of Equity Lifestyle Properties by 471.9% during the fourth quarter. Fermata Advisors LLC now owns 33,933 shares of the real estate investment trust's stock worth $2,057,000 after buying an additional 28,000 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc grew its stake in shares of Equity Lifestyle Properties by 910.4% during the third quarter. AEGON ASSET MANAGEMENT UK Plc now owns 100,390 shares of the real estate investment trust's stock worth $6,091,000 after buying an additional 90,454 shares during the last quarter. Argosy Lionbridge Management LLC bought a new stake in shares of Equity Lifestyle Properties during the third quarter worth $3,703,000. Finally, Westwood Holdings Group Inc. grew its stake in shares of Equity Lifestyle Properties by 23.2% during the second quarter. Westwood Holdings Group Inc. now owns 229,092 shares of the real estate investment trust's stock worth $14,128,000 after buying an additional 43,089 shares during the last quarter. Institutional investors own 97.21% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ELS. Truist Financial boosted their target price on shares of Equity Lifestyle Properties from $66.00 to $69.00 and gave the stock a "hold" rating in a research note on Wednesday, February 18th. BMO Capital Markets reaffirmed an "outperform" rating and set a $75.00 target price (up from $72.00) on shares of Equity Lifestyle Properties in a research note on Wednesday, February 18th. Zelman & Associates began coverage on shares of Equity Lifestyle Properties in a research note on Monday, March 16th. They set an "underperform" rating and a $59.25 target price on the stock. Robert W. Baird set a $73.00 price target on shares of Equity Lifestyle Properties in a report on Friday, January 30th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Equity Lifestyle Properties from a "buy" rating to a "hold" rating and set a $65.00 price target on the stock. in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $69.05.

Equity Lifestyle Properties Price Performance

Shares of NYSE:ELS opened at $64.00 on Friday. The firm has a market cap of $12.41 billion, a PE ratio of 31.84, a price-to-earnings-growth ratio of 3.57 and a beta of 0.76. The firm's fifty day moving average is $65.86 and its 200-day moving average is $63.18. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.04 and a current ratio of 0.04. Equity Lifestyle Properties, Inc. has a 52 week low of $58.15 and a 52 week high of $69.00.

Equity Lifestyle Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Friday, March 27th were issued a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from Equity Lifestyle Properties's previous quarterly dividend of $0.52. The ex-dividend date was Friday, March 27th. Equity Lifestyle Properties's dividend payout ratio (DPR) is presently 107.96%.

Insider Activity at Equity Lifestyle Properties

In other news, Director David J. Contis sold 3,000 shares of Equity Lifestyle Properties stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $67.22, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.80% of the company's stock.

Equity Lifestyle Properties 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.

Want to see what other hedge funds are holding ELS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.