Norges Bank Purchases Shares of 2,068,181 Equity Lifestyle Properties, Inc. $ELS

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Equity Lifestyle Properties, buying 2,068,181 shares worth about $125.35 million, or roughly 1.07% of the REIT.
• The company reported Q1 earnings of $0.56 per share, missing analyst expectations of $0.84, though revenue of $397.62 million slightly topped estimates and rose 2.7% year over year.
• Equity Lifestyle Properties announced a quarterly dividend of $0.5425 per share to be paid July 10, representing a 3.5% annualized yield, while analysts currently rate the stock a Moderate Buy with an average price target of $69.20.

Norges Bank acquired a new position in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,068,181 shares of the real estate investment trust's stock, valued at approximately $125,352,000. Norges Bank owned about 1.07% of Equity Lifestyle Properties at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GoalVest Advisory LLC purchased a new position in shares of Equity Lifestyle Properties in the fourth quarter valued at $25,000. Wiser Advisor Group LLC purchased a new stake in Equity Lifestyle Properties during the third quarter valued at $25,000. Caitong International Asset Management Co. Ltd raised its stake in Equity Lifestyle Properties by 943.8% during the third quarter. Caitong International Asset Management Co. Ltd now owns 501 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 453 shares in the last quarter. Clearstead Trust LLC lifted its position in Equity Lifestyle Properties by 74.8% during the fourth quarter. Clearstead Trust LLC now owns 540 shares of the real estate investment trust's stock valued at $33,000 after purchasing an additional 231 shares during the last quarter. Finally, Fulcrum Asset Management LLP purchased a new position in shares of Equity Lifestyle Properties in the 3rd quarter worth $34,000. 97.21% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Equity Lifestyle Properties

In other news, Director David J. Contis sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The stock was 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 of the company's stock, valued at approximately $1,000,905.80. This represents a 16.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.80% of the company's stock.

Equity Lifestyle Properties Trading Up 0.5%

Shares of ELS opened at $61.77 on Friday. The company's fifty day simple moving average is $63.12 and its 200-day simple moving average is $63.57. The company has a market cap of $11.98 billion, a P/E ratio of 30.88, a P/E/G ratio of 3.74 and a beta of 0.67. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.29. Equity Lifestyle Properties, Inc. has a twelve month low of $58.15 and a twelve month high of $69.00.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last released its quarterly 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 firm had revenue of $397.62 million for 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 earnings per share. As a group, analysts expect that Equity Lifestyle Properties, Inc. will post 3.18 EPS 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. Shareholders of record on Friday, June 26th will be given a dividend of $0.5425 per share. This represents a $2.17 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, June 26th. Equity Lifestyle Properties's payout ratio is 108.50%.

Analyst Ratings Changes

ELS has been the topic of a number of research reports. BMO Capital Markets restated an "outperform" rating and issued a $75.00 target price (up from $72.00) on shares of Equity Lifestyle Properties in a report on Wednesday, February 18th. Zelman & Associates started coverage on Equity Lifestyle Properties in a research report on Monday, March 16th. They issued an "underperform" rating and a $59.25 price target for the company. Wall Street Zen raised Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Zacks Research upgraded Equity Lifestyle Properties from a "strong sell" rating to a "hold" rating in a research report on Monday, February 23rd. Finally, Wells Fargo & Company lowered their price objective on Equity Lifestyle Properties from $70.00 to $69.00 and set an "equal weight" rating for the company in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Equity Lifestyle Properties presently has an average rating of "Moderate Buy" and an average price target of $69.20.

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.

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