Sumitomo Mitsui Trust Holdings Co., Ltd. reduced its holdings in Equity Lifestyle Properties Inc. (NYSE:ELS – free report) by 7.8% during the second quarter, according to its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The fund held 579,558 shares of the real estate investment trust after selling 49,230 shares during the quarter. Sumitomo Mitsui Trust Holdings Co., Ltd. held 0.31% of Equity Lifestyle Properties Inc. worth $37,747,000 at the end of its most recent reporting period.
Other hedge funds and institutional investors also recently modified their holdings in the company. Raymond James Financial Services Advisors increased its holdings in Equity Lifestyle Properties by 13.8% in the fourth quarter. Raymond James Financial Services Advisors now owns 5,414 shares of the real estate investment trust worth $382,000 after purchasing an additional 656 shares in the last quarter. Cerity Partners LLC purchased a new stake in Equity Lifestyle Properties in the fourth quarter for $317,000. Livforsaklingsborajet Scandia Omsesidigt purchased a new stake in Equity Lifestyle Properties in the fourth quarter for $35,000. Abredon increased its holdings in Equity Lifestyle Properties by 3.0% in the fourth quarter. abrdn plc now holds 529,055 shares of the real estate investment trust's stock, valued at $37,320,000, after acquiring an additional 15,297 shares in the last quarter. Finally, Lindbrook Capital LLC increased its holdings in Equity LifeStyle Properties by 40.5% in the fourth quarter. Lindbrook Capital LLC now holds 631 shares of the real estate investment trust's stock, valued at $45,000, after acquiring an additional 182 shares in the last quarter. 97.21% of the stock is owned by institutional investors.
Analyst upgrades and downgrades
Several research firms have commented on ELS. Truist Financial increased their price target on Equity LifeStyle Properties from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Tuesday, July 30th. Evercore ISI increased their price target on Equity LifeStyle Properties from $69.00 to $72.00 and gave the stock an “in-line” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed their “sector perform” rating and set a $68.00 price target on Equity LifeStyle Properties in a research report on Wednesday, July 24th. Finally, Barclays lowered their price target on Equity LifeStyle Properties from $78.00 to $72.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $68.94.
Read the latest research report on ELS
Equity Lifestyle Properties Stock Performance
NYSE ELS opened trading at $70.39 on Monday. The company's 50-day moving average is $66.48 and its 200-day moving average is $65.02. The company has a market capitalization of $13.13 billion, a P/E ratio of 38.46, a price-to-earnings growth ratio of 4.06 and a beta of 0.77. Equity LifeStyle Properties, Inc.'s low in the past 12 months is $59.82 and its high in the past 12 months is $74.04. The company's quick ratio is 0.03, current ratio is 0.03 and debt-to-equity ratio is 0.34.
Equity LifeStyle Properties (NYSE:ELS – Get free report ) last released its earnings results on Monday, July 22nd. The real estate investment trust reported quarterly earnings per share (EPS) of $0.42, missing the consensus estimate of $0.65 by ($0.23). The company's revenue for the quarter was $380.0 million, beating analyst expectations of $334.53 million. Equity LifeStyle Properties' ROE was 23.71%, with a net margin of 23.56%. The company's revenue grew 2.7% year-over-year. EPS for the same quarter last year was $0.66. Sell-side analysts expect Equity LifeStyle Properties, Inc. to post earnings per share of $2.91 this year.
Equity Lifestyle Properties Increases Dividend
The company also recently declared a quarterly dividend, which is scheduled to be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.4775. This equates to an annualized dividend of $1.91 and a yield of 2.71%. This is an increase from Equity LifeStyle Properties' previous quarterly dividend of $0.48. The ex-dividend date for this dividend is Friday, September 27th. Equity LifeStyle Properties' dividend payout ratio (DPR) is currently 104.37%.
Equity Lifestyle Properties Company Profile
(Free report)
The Company is a self-administered real estate investment trust (REIT) headquartered in Chicago. As of January 29, 2024, the Company owns or has interests in 451 properties consisting of 172,465 sites in 35 states and British Columbia.
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