Resolution Capital Ltd Increases Holdings in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Resolution Capital increased its Equity Lifestyle Properties stake by 3.3% in the first quarter, adding 59,809 shares for a total of 1.89 million shares valued at approximately $117.7 million. Institutional investors collectively own 97.21% of ELS.
• Analyst sentiment is mixed but improving: Jefferies upgraded ELS to “strong buy” and Deutsche Bank to “buy,” while the overall consensus remains “hold” with a $68.70 price target.
• ELS reported quarterly revenue of $397.8 million, up 5.5% year over year, but earnings per share of $0.50 fell short of the $0.72 consensus estimate. The company also declared a quarterly dividend of $0.5425, equivalent to a 3.3% annualized yield.

Resolution Capital Ltd boosted its stake in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,885,292 shares of the real estate investment trust's stock after purchasing an additional 59,809 shares during the period. Equity Lifestyle Properties makes up about 2.5% of Resolution Capital Ltd's investment portfolio, making the stock its 13th biggest holding. Resolution Capital Ltd owned approximately 0.97% of Equity Lifestyle Properties worth $117,680,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Equity Lifestyle Properties by 11.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 337,948 shares of the real estate investment trust's stock worth $20,206,000 after buying an additional 34,946 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Equity Lifestyle Properties by 1,104.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 673,072 shares of the real estate investment trust's stock valued at $40,794,000 after acquiring an additional 617,202 shares in the last quarter. Legal & General Group Plc boosted its stake in Equity Lifestyle Properties by 13.4% during the 4th quarter. Legal & General Group Plc now owns 1,365,902 shares of the real estate investment trust's stock valued at $82,787,000 after acquiring an additional 161,210 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Equity Lifestyle Properties by 38.3% during the 4th quarter. Exchange Traded Concepts LLC now owns 102,006 shares of the real estate investment trust's stock valued at $6,183,000 after acquiring an additional 28,254 shares during the last quarter. Finally, BROOKFIELD Corp ON bought a new position in Equity Lifestyle Properties during the 1st quarter valued at $19,429,000. 97.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ELS shares. Weiss Ratings raised shares of Equity Lifestyle Properties from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Jefferies Financial Group raised shares of Equity Lifestyle Properties to a "strong-buy" rating in a research report on Wednesday, July 22nd. Deutsche Bank Aktiengesellschaft raised Equity Lifestyle Properties from a "hold" rating to a "buy" rating and set a $72.00 price objective for the company in a report on Wednesday, April 15th. Truist Financial set a $67.00 price objective on Equity Lifestyle Properties and gave the company a "hold" rating in a research note on Tuesday, May 5th. Finally, Barclays reaffirmed an "equal weight" rating and set a $68.00 target price on shares of Equity Lifestyle Properties in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $68.70.

Equity Lifestyle Properties Stock Up 1.5%

ELS stock opened at $66.05 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.02 and a quick ratio of 0.04. Equity Lifestyle Properties, Inc. has a 1-year low of $58.15 and a 1-year high of $69.00. The firm has a fifty day moving average price of $63.82 and a two-hundred day moving average price of $64.30. The firm has a market cap of $12.81 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 3.96 and a beta of 0.66.

Equity Lifestyle Properties (NYSE:ELS - Get Free Report) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.72 by ($0.22). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%.The business had revenue of $397.81 million for the quarter, compared to analyst estimates of $383.66 million. During the same period last year, the company posted $0.69 earnings per share. The firm's revenue for the quarter was up 5.5% on a year-over-year basis. Research analysts predict that Equity Lifestyle Properties, Inc. will post 3.18 EPS for the current year.

Equity Lifestyle Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be paid a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, September 25th. Equity Lifestyle Properties's payout ratio is presently 104.33%.

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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