Swiss Life Asset Management Ltd Sells 44,242 Shares of Equity Lifestyle Properties, Inc. $ELS

Key Points

• Swiss Life Asset Management cut its stake in Equity Lifestyle Properties by 78.1% in the fourth quarter, selling 44,242 shares and leaving it with 12,375 shares valued at about $750,000.
• Equity Lifestyle Properties reported earnings that missed expectations, posting $0.56 EPS versus the $0.84 consensus, though revenue came in slightly above estimates at $397.62 million.
• Analysts remain mixed but generally constructive on the REIT, with a Moderate Buy consensus and an average price target of $69.27, while the stock recently traded at $61.12 and offers a 3.6% dividend yield.

Swiss Life Asset Management Ltd decreased its holdings in Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 78.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,375 shares of the real estate investment trust's stock after selling 44,242 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Equity Lifestyle Properties were worth $750,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Midwest Trust Co raised its stake in shares of Equity Lifestyle Properties by 6.5% in the 4th quarter. Midwest Trust Co now owns 61,483 shares of the real estate investment trust's stock valued at $3,726,000 after buying an additional 3,765 shares in the last quarter. LRI Investments LLC raised its stake in shares of Equity Lifestyle Properties by 44.3% in the 4th quarter. LRI Investments LLC now owns 1,456 shares of the real estate investment trust's stock valued at $88,000 after buying an additional 447 shares in the last quarter. RB Capital Management LLC raised its stake in shares of Equity Lifestyle Properties by 13.1% in the 4th quarter. RB Capital Management LLC now owns 6,066 shares of the real estate investment trust's stock valued at $368,000 after buying an additional 702 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Equity Lifestyle Properties by 1.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 14,505 shares of the real estate investment trust's stock valued at $879,000 after buying an additional 276 shares in the last quarter. Finally, S Bank Fund Management Ltd acquired a new position in shares of Equity Lifestyle Properties in the 4th quarter valued at $1,036,000. Institutional investors and hedge funds own 97.21% of the company's stock.

Analyst Ratings Changes

ELS has been the subject of a number of recent research reports. Mizuho initiated coverage on shares of Equity Lifestyle Properties in a research note on Tuesday, March 31st. They issued an "outperform" rating and a $72.00 price objective for the company. Zelman & Associates initiated coverage on shares of Equity Lifestyle Properties in a research note on Monday, March 16th. They issued an "underperform" rating and a $59.25 price objective for the company. BMO Capital Markets restated an "outperform" rating and issued a $75.00 price objective (up from $72.00) on shares of Equity Lifestyle Properties in a research note on Wednesday, February 18th. Truist Financial set a $67.00 price objective on shares of Equity Lifestyle Properties and gave the company a "hold" rating in a research note on Tuesday, May 5th. Finally, Barclays dropped their price objective 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. One 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 stock. According to data from MarketBeat, Equity Lifestyle Properties has a consensus rating of "Moderate Buy" and an average target price of $69.27.

Equity Lifestyle Properties Stock Down 1.4%

ELS opened at $61.12 on Friday. The firm's 50-day simple moving average is $64.27 and its 200-day simple moving average is $63.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.04 and a current ratio of 0.04. Equity Lifestyle Properties, Inc. has a twelve month low of $58.15 and a twelve month high of $69.00. The firm has a market cap of $11.85 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 3.72 and a beta of 0.69.

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 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 during the quarter, compared to the consensus estimate of $395.71 million. During the same period in the previous year, the company posted $0.57 EPS. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. 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 company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 26th will be issued 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 3.6%. Equity Lifestyle Properties's dividend payout ratio is presently 108.50%.

Insider Buying and Selling at Equity Lifestyle Properties

In other news, Director David J. Contis sold 3,000 shares of the company's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $67.22, for a total value of $201,660.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.80% of the company's stock.

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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