Equity Lifestyle Properties (NYSE:ELS) Stock Falls 4.3% After Earnings Miss

Key Points

• Equity Lifestyle Properties shares fell 4.3% to about $59.30 after the REIT reported quarterly EPS of $0.45, missing the $0.79 analyst consensus by $0.34. Revenue reached $409.9 million, exceeding expectations and rising 4.2% year over year.
• The company declared a quarterly dividend of $0.5425, equivalent to an annualized $2.17 payout and a 3.6% yield. Its dividend payout ratio stands at 104.33%.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $67.09; institutional investors own 97.21% of shares.

Equity Lifestyle Properties, Inc. (NYSE:ELS - Get Free Report) dropped 4.3% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $59.54 and last traded at $59.3020. Approximately 809,363 shares traded hands during trading, a decline of 51% from the average daily volume of 1,662,039 shares. The stock had previously closed at $61.97.

The real estate investment trust reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.79 by ($0.34). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%. The business had revenue of $409.90 million during the quarter, compared to analysts' expectations of $402.75 million. During the same quarter last year, the company posted $0.75 EPS. Equity Lifestyle Properties's revenue for the quarter was up 4.2% compared to the same quarter last year.

Equity Lifestyle Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were paid a $0.5425 dividend. The ex-dividend date was Friday, September 25th. This represents a $2.17 annualized dividend and a dividend yield of 3.6%. Equity Lifestyle Properties's dividend payout ratio is presently 104.33%.

Analyst Ratings Changes

A number of research analysts recently weighed in on ELS shares. Wells Fargo & Company set a $64.00 price objective on Equity Lifestyle Properties and gave the company an "equal weight" rating in a research report on Monday. Morgan Stanley reissued a "mixed" rating and issued a $59.00 target price (down from $62.50) on shares of Equity Lifestyle Properties in a research note on Wednesday, August 12th. Jefferies Financial Group upgraded Equity Lifestyle Properties to a "strong-buy" rating in a report on Monday, October 12th. Mizuho restated a "neutral" rating and set a $65.00 price target (down from $72.00) on shares of Equity Lifestyle Properties in a report on Monday, September 21st. Finally, Odeon Capital Group set a $65.00 price target on Equity Lifestyle Properties in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $67.09.

Hedge Funds Weigh In On Equity Lifestyle Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BROOKFIELD Corp ON purchased a new stake in shares of Equity Lifestyle Properties during the 1st quarter valued at about $19,429,000. Resolution Capital Ltd grew its stake in shares of Equity Lifestyle Properties by 3.3% in the first quarter. Resolution Capital Ltd now owns 1,885,292 shares of the real estate investment trust's stock worth $117,680,000 after acquiring an additional 59,809 shares during the period. Corient Private Wealth LP bought a new stake in shares of Equity Lifestyle Properties in the second quarter worth approximately $2,549,000. Tidal Investments LLC grew its stake in shares of Equity Lifestyle Properties by 10.6% in the second quarter. Tidal Investments LLC now owns 185,999 shares of the real estate investment trust's stock worth $11,988,000 after acquiring an additional 17,878 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Equity Lifestyle Properties during the second quarter valued at approximately $69,938,000. 97.21% of the stock is owned by institutional investors.

Equity Lifestyle Properties Price Performance

The company has a quick ratio of 0.02, a current ratio of 0.02 and a debt-to-equity ratio of 0.31. The firm's fifty day moving average price is $61.53 and its two-hundred day moving average price is $63.04. The stock has a market capitalization of $11.62 billion, a PE ratio of 28.80, a PEG ratio of 3.49 and a beta of 0.63.

Equity Lifestyle Properties Company Profile

Equity LifeStyle Properties, Inc NYSE: ELS is a real estate investment trust that owns, operates and manages manufactured housing communities, recreational vehicle resorts and campgrounds, and marinas. Its properties are designed to provide residential and vacation accommodations, with offerings that range from long-term manufactured home sites to seasonal and transient RV sites and boat storage.

The company serves residents, vacationers and boat owners across the United States. Its portfolio is concentrated in locations with favorable climates, recreational appeal and access to coastal, lakefront or other leisure destinations.

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