Swedbank AB Reduces Stake in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Swedbank AB trimmed its stake in Equity Lifestyle Properties by 6.1% in the first quarter, selling 16,305 shares and leaving it with 250,000 shares worth about $15.6 million.
• Analysts remain mostly positive on ELS, with a consensus rating of “Moderate Buy” and an average price target of $68.92, though recent target changes were mixed.
• The company posted mixed quarterly results: earnings of $0.56 per share missed expectations, while revenue of $397.6 million slightly beat estimates and rose 2.7% year over year.

Swedbank AB cut its position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 250,000 shares of the real estate investment trust's stock after selling 16,305 shares during the quarter. Swedbank AB owned 0.13% of Equity Lifestyle Properties worth $15,605,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Praxis Investment Management Inc. acquired a new stake in Equity Lifestyle Properties in the first quarter valued at $306,000. QRG Capital Management Inc. increased its position in shares of Equity Lifestyle Properties by 28.6% in the first quarter. QRG Capital Management Inc. now owns 11,970 shares of the real estate investment trust's stock valued at $747,000 after buying an additional 2,660 shares in the last quarter. HB Wealth Management LLC acquired a new position in shares of Equity Lifestyle Properties during the 1st quarter worth $239,000. Private Advisor Group LLC raised its stake in shares of Equity Lifestyle Properties by 7.8% during the 1st quarter. Private Advisor Group LLC now owns 5,709 shares of the real estate investment trust's stock worth $356,000 after buying an additional 411 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its position in shares of Equity Lifestyle Properties by 357.2% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 33,776 shares of the real estate investment trust's stock worth $2,108,000 after buying an additional 26,389 shares in the last quarter. 97.21% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ELS shares. Odeon Capital Group set a $65.00 price objective on shares of Equity Lifestyle Properties in a research note on Thursday. Weiss Ratings upgraded shares of Equity Lifestyle Properties from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 2nd. Mizuho began coverage on shares of Equity Lifestyle Properties in a report on Tuesday, March 31st. They issued an "outperform" rating and a $72.00 price target on the stock. Barclays lowered their price target on shares of Equity Lifestyle Properties from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Monday, May 11th. Finally, Robert W. Baird raised their price objective on shares of Equity Lifestyle Properties from $73.00 to $74.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. One equities 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.92.

Equity Lifestyle Properties Stock Down 0.7%

ELS opened at $63.35 on Friday. The firm has a market cap of $12.29 billion, a P/E ratio of 31.68, a PEG ratio of 3.88 and a beta of 0.66. The business's fifty day simple moving average is $63.19 and its 200 day simple moving average is $63.89. 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.

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

Equity Lifestyle Properties Announces Dividend

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

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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