Pictet Asset Management Holding SA Reduces Stock Holdings in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Pictet Asset Management cut its stake in Equity Lifestyle Properties by 58.3% in the first quarter, selling 42,081 shares and leaving it with 30,111 shares worth about $1.88 million.
• Wall Street sentiment is mixed but constructive: the stock has a consensus rating of “Moderate Buy” with an average price target of $69.20, though individual calls range from underperform to strong buy.
• ELS reported mixed quarterly results, missing EPS estimates at $0.56 versus $0.84 expected, while revenue came in slightly above forecasts at $397.6 million. The company also announced a quarterly dividend of $0.5425 per share, implying a 3.3% yield.

Pictet Asset Management Holding SA reduced its position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 58.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,111 shares of the real estate investment trust's stock after selling 42,081 shares during the period. Pictet Asset Management Holding SA's holdings in Equity Lifestyle Properties were worth $1,880,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ELS. Empowered Funds LLC increased its holdings in shares of Equity Lifestyle Properties by 14.1% during the 1st quarter. Empowered Funds LLC now owns 6,516 shares of the real estate investment trust's stock worth $435,000 after buying an additional 804 shares during the last quarter. Jane Street Group LLC grew its position in Equity Lifestyle Properties by 598.5% in the first quarter. Jane Street Group LLC now owns 119,397 shares of the real estate investment trust's stock worth $7,964,000 after acquiring an additional 102,303 shares during the period. Intech Investment Management LLC grew its position in Equity Lifestyle Properties by 62.3% in the first quarter. Intech Investment Management LLC now owns 23,114 shares of the real estate investment trust's stock worth $1,542,000 after acquiring an additional 8,873 shares during the period. Cetera Investment Advisers increased its stake in Equity Lifestyle Properties by 111.0% during the second quarter. Cetera Investment Advisers now owns 10,122 shares of the real estate investment trust's stock worth $624,000 after acquiring an additional 5,325 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new stake in Equity Lifestyle Properties during the second quarter worth $300,000. 97.21% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on ELS. Truist Financial set a $67.00 price target on Equity Lifestyle Properties and gave the company a "hold" rating in a research note on Tuesday, May 5th. Mizuho assumed coverage on shares of Equity Lifestyle Properties in a report on Tuesday, March 31st. They issued an "outperform" rating and a $72.00 price objective on the stock. Jefferies Financial Group raised shares of Equity Lifestyle Properties to a "strong-buy" rating in a research report on Friday, June 26th. Barclays lowered their target price on shares of Equity Lifestyle Properties from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Monday, May 11th. Finally, Zelman & Associates began coverage on shares of Equity Lifestyle Properties in a research report on Monday, March 16th. They set an "underperform" rating and a $59.25 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $69.20.

Equity Lifestyle Properties Trading Down 0.1%

ELS opened at $66.17 on Monday. Equity Lifestyle Properties, Inc. has a 52 week low of $58.15 and a 52 week high of $69.00. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $63.09 and a 200-day simple moving average of $63.82. The firm has a market cap of $12.83 billion, a P/E ratio of 33.09, a P/E/G ratio of 4.03 and a beta of 0.66.

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 the consensus estimate of $0.84 by ($0.28). Equity Lifestyle Properties had a return on equity of 21.22% and a net margin of 24.99%.The firm had revenue of $397.62 million for the quarter, compared to analyst estimates of $395.71 million. During the same period in the previous year, the company posted $0.57 EPS. Equity Lifestyle Properties's revenue was up 2.7% on a year-over-year basis. On average, equities 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 disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 26th will be paid a $0.5425 dividend. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.17 annualized dividend and a dividend yield of 3.3%. Equity Lifestyle Properties's dividend payout ratio (DPR) is presently 108.50%.

Equity Lifestyle Properties Company 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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