Principal Financial Group Inc. Cuts Position in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Principal Financial Group cut its stake in Equity Lifestyle Properties by 7.1%, selling 486,765 shares and finishing the quarter with 6,368,593 shares (~3.29% ownership) worth about $386 million.
• ELS reported quarterly EPS of $0.56, missing estimates by $0.28 while revenue was roughly in line; the company declared a $0.5425 quarterly dividend (annualized $2.17) with a ~3.5% yield and a payout ratio of 108.5%.
• Wall Street consensus is a Moderate Buy with a $69.63 average price target, reflecting recent buy/outperform upgrades and price-target raises from several analysts (BMO, UBS, Baird, Deutsche Bank).

Principal Financial Group Inc. decreased its holdings in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 7.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 6,368,593 shares of the real estate investment trust's stock after selling 486,765 shares during the period. Principal Financial Group Inc. owned approximately 3.29% of Equity Lifestyle Properties worth $386,000,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ELS. GoalVest Advisory LLC purchased a new position in Equity Lifestyle Properties in the fourth quarter valued at approximately $25,000. Wiser Advisor Group LLC purchased a new position in Equity Lifestyle Properties in the third quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd raised its holdings in Equity Lifestyle Properties by 943.8% in 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 buying an additional 453 shares during the period. Fulcrum Asset Management LLP purchased a new position in Equity Lifestyle Properties in the third quarter valued at approximately $34,000. Finally, Bessemer Group Inc. raised its holdings in Equity Lifestyle Properties by 126.9% in the third quarter. Bessemer Group Inc. now owns 574 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 321 shares during the period. Hedge funds and other institutional investors own 97.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ELS. Weiss Ratings restated a "hold (c)" rating on shares of Equity Lifestyle Properties in a report on Thursday, January 22nd. UBS Group set a $67.00 price objective on shares of Equity Lifestyle Properties and gave the company a "buy" rating in a research note on Thursday, January 8th. 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 research note on Wednesday, February 18th. Robert W. Baird lifted their price objective on shares of Equity Lifestyle Properties from $73.00 to $74.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Equity Lifestyle Properties from a "hold" rating to a "buy" rating and set a $72.00 price objective on the stock in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Equity Lifestyle Properties currently has an average rating of "Moderate Buy" and a consensus price target of $69.63.

Equity Lifestyle Properties Stock Down 0.4%

Shares of NYSE:ELS opened at $62.58 on Tuesday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $65.19 and a 200 day simple moving average of $63.43. The firm has a market cap of $12.14 billion, a PE ratio of 31.29, a price-to-earnings-growth ratio of 3.82 and a beta of 0.69. Equity Lifestyle Properties, Inc. has a 12-month low of $58.15 and a 12-month high of $69.00.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last issued its quarterly 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 company had revenue of $397.62 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. On average, equities research analysts anticipate that Equity Lifestyle Properties, Inc. will post 3.18 EPS for the current fiscal year.

Equity Lifestyle Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 26th will be issued a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, June 26th. Equity Lifestyle Properties's payout ratio is currently 108.50%.

Insider Buying and Selling

In other Equity Lifestyle Properties 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 value of $201,660.00. Following the completion of the transaction, the director owned 14,890 shares of the company's stock, valued at $1,000,905.80. The trade was a 16.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.80% of the stock is currently owned by corporate insiders.

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.

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.