M&T Bank Corp Grows Holdings in Equity Lifestyle Properties, Inc. $ELS

Key Points

• M&T Bank Corp increased its stake in Equity Lifestyle Properties (ELS) by 40.5% in Q4, adding 15,838 shares to hold 54,899 shares worth about $3.33 million.
• ELS missed quarterly EPS ($0.56 vs. $0.84 expected) while revenue modestly beat estimates, and the company declared a quarterly dividend of $0.5425 ($2.17 annual, ~3.4% yield) with a payout ratio of 108.5%.
• Analysts give ELS a consensus rating of "Moderate Buy" with a target price of $69.48; institutional investors own about 97.21% of the shares and the stock trades at a P/E of 31.64 with a $12.27 billion market cap.

M&T Bank Corp raised its position in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 40.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,899 shares of the real estate investment trust's stock after purchasing an additional 15,838 shares during the period. M&T Bank Corp's holdings in Equity Lifestyle Properties were worth $3,328,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Equity Lifestyle Properties during the 3rd quarter worth about $1,243,000. Fermata Advisors LLC lifted its holdings in shares of Equity Lifestyle Properties by 471.9% during the 4th quarter. Fermata Advisors LLC now owns 33,933 shares of the real estate investment trust's stock worth $2,057,000 after acquiring an additional 28,000 shares during the period. AEGON ASSET MANAGEMENT UK Plc lifted its holdings in shares of Equity Lifestyle Properties by 910.4% during the 3rd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 100,390 shares of the real estate investment trust's stock worth $6,091,000 after acquiring an additional 90,454 shares during the period. Argosy Lionbridge Management LLC purchased a new position in shares of Equity Lifestyle Properties during the 3rd quarter worth about $3,703,000. Finally, ProShare Advisors LLC lifted its holdings in shares of Equity Lifestyle Properties by 10.8% during the 3rd quarter. ProShare Advisors LLC now owns 586,269 shares of the real estate investment trust's stock worth $35,587,000 after acquiring an additional 56,913 shares during the period. 97.21% of the stock is currently owned by hedge funds and other institutional investors.

Equity Lifestyle Properties Stock Down 0.0%

ELS opened at $63.29 on Friday. The firm has a 50 day moving average price of $64.90 and a 200 day moving average price of $63.45. The company has a market cap of $12.27 billion, a PE ratio of 31.64, a price-to-earnings-growth ratio of 3.86 and a beta of 0.69. Equity Lifestyle Properties, Inc. has a 1 year low of $58.15 and a 1 year high of $69.00. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.04 and a current ratio of 0.04.

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

Equity Lifestyle Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be given a dividend of $0.5425 per share. This represents a $2.17 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, June 26th. Equity Lifestyle Properties's dividend payout ratio is 108.50%.

Insider Transactions at Equity Lifestyle Properties

In related news, Director David J. Contis sold 3,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 14,890 shares of the company's stock, valued at approximately $1,000,905.80. This represents a 16.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Equity Lifestyle Properties from a "strong sell" rating to a "hold" rating in a report on Monday, February 23rd. Barclays reiterated an "overweight" rating and set a $71.00 price objective (up from $68.00) on shares of Equity Lifestyle Properties in a report on Thursday, February 5th. BMO Capital Markets reiterated an "outperform" rating and set a $75.00 price objective (up from $72.00) on shares of Equity Lifestyle Properties in a report on Wednesday, February 18th. Wells Fargo & Company reiterated an "equal weight" rating and set a $70.00 price objective (up from $68.00) on shares of Equity Lifestyle Properties in a report on Friday, February 27th. Finally, Mizuho assumed coverage on shares of Equity Lifestyle Properties in a report on Tuesday, March 31st. They set an "outperform" rating and a $72.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $69.48.

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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