Thrivent Financial for Lutherans Boosts Holdings in Equity Lifestyle Properties, Inc. $ELS

Key Points

• Thrivent Financial for Lutherans dramatically increased its stake in Equity Lifestyle Properties, boosting holdings by 1,104.7% to 673,072 shares worth about $40.8 million.
• Wall Street remains cautiously positive on ELS, with a consensus rating of “Moderate Buy” and an average price target of $69.27 after several recent analyst upgrades and target hikes.
• The company recently missed earnings expectations, reporting $0.56 EPS versus the $0.84 estimate, while still posting slightly higher revenue and announcing a quarterly dividend of $0.5425 per share.

Thrivent Financial for Lutherans grew its position in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS - Free Report) by 1,104.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 673,072 shares of the real estate investment trust's stock after purchasing an additional 617,202 shares during the period. Thrivent Financial for Lutherans owned approximately 0.35% of Equity Lifestyle Properties worth $40,794,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Equity Lifestyle Properties by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 25,477,480 shares of the real estate investment trust's stock valued at $1,544,190,000 after purchasing an additional 592,013 shares during the period. Victory Capital Management Inc. raised its stake in shares of Equity Lifestyle Properties by 32.5% during the third quarter. Victory Capital Management Inc. now owns 6,823,626 shares of the real estate investment trust's stock valued at $414,194,000 after purchasing an additional 1,674,281 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Equity Lifestyle Properties by 114.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,375,154 shares of the real estate investment trust's stock valued at $326,272,000 after purchasing an additional 2,868,678 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Equity Lifestyle Properties by 253.7% during the third quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust's stock valued at $191,025,000 after purchasing an additional 2,257,299 shares during the period. Finally, Boston Partners raised its stake in shares of Equity Lifestyle Properties by 2.1% during the third quarter. Boston Partners now owns 2,902,967 shares of the real estate investment trust's stock valued at $176,227,000 after purchasing an additional 60,852 shares during the period. Hedge funds and other institutional investors own 97.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ELS shares. Wall Street Zen upgraded shares of Equity Lifestyle Properties from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. Wells Fargo & Company reiterated an "equal weight" rating and set a $70.00 price objective (up from $68.00) on shares of Equity Lifestyle Properties in a research note on Friday, February 27th. Royal Bank Of Canada restated an "outperform" rating and issued a $70.00 price target on shares of Equity Lifestyle Properties in a research note on Friday, January 30th. Bank of America upgraded shares of Equity Lifestyle Properties from a "neutral" rating to a "buy" rating and set a $76.00 price target for the company in a research note on Tuesday, February 3rd. Finally, Robert W. Baird lifted their price target 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 assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Equity Lifestyle Properties currently has a consensus rating of "Moderate Buy" and an average target price of $69.27.

Equity Lifestyle Properties Stock Down 1.4%

Shares of NYSE:ELS opened at $61.12 on Friday. 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 $64.27 and a 200 day simple moving average of $63.46. The firm has a market cap of $11.85 billion, a PE ratio of 30.56, a price-to-earnings-growth ratio of 3.72 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 business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be paid a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Friday, June 26th. Equity Lifestyle Properties's payout ratio is 108.50%.

Insider Activity

In related 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 sale, the director owned 14,890 shares in the company, valued at approximately $1,000,905.80. The trade was a 16.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.80% of the company's stock.

About Equity Lifestyle Properties

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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