State Street Corp Trims Stock Holdings in Equity LifeStyle Properties, Inc. (NYSE:ELS)

State Street Corp lowered its position in Equity LifeStyle Properties, Inc. (NYSE:ELS) by 0.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 9,903,183 shares of the real estate investment trust’s stock after selling 61,309 shares during the period. State Street Corp owned about 0.05% of Equity LifeStyle Properties worth $711,178,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its holdings in shares of Equity LifeStyle Properties by 370.6% in the third quarter. Daiwa Securities Group Inc. now owns 2,329,431 shares of the real estate investment trust’s stock valued at $166,182,000 after purchasing an additional 1,834,491 shares during the period. PGGM Investments increased its holdings in shares of Equity LifeStyle Properties by 4,586.1% in the second quarter. PGGM Investments now owns 1,843,496 shares of the real estate investment trust’s stock valued at $120,067,000 after purchasing an additional 1,804,156 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Equity LifeStyle Properties by 592.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,963 shares of the real estate investment trust’s stock valued at $116,068,000 after purchasing an additional 1,391,846 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Equity LifeStyle Properties by 56.5% in the third quarter. Principal Financial Group Inc. now owns 2,232,008 shares of the real estate investment trust’s stock valued at $159,232,000 after purchasing an additional 805,681 shares during the period. Finally, Caprock Group LLC acquired a new position in shares of Equity LifeStyle Properties in the third quarter valued at approximately $54,866,000. Hedge funds and other institutional investors own 97.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ELS. Jefferies Financial Group began coverage on Equity LifeStyle Properties in a report on Thursday, October 17th. They issued a “hold” rating and a $72.00 target price on the stock. Robert W. Baird upped their price objective on Equity LifeStyle Properties from $71.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Compass Point increased their price objective on Equity LifeStyle Properties from $70.00 to $72.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company upgraded Equity LifeStyle Properties from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $70.50 to $82.00 in a research report on Thursday, September 19th. Finally, Evercore ISI increased their price objective on Equity LifeStyle Properties from $76.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Equity LifeStyle Properties currently has a consensus rating of “Moderate Buy” and an average target price of $72.50.

Equity LifeStyle Properties Stock Down 0.8 %

ELS opened at $69.70 on Monday. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.35. The firm has a market cap of $13.32 billion, a P/E ratio of 35.93, a PEG ratio of 3.72 and a beta of 0.77. Equity LifeStyle Properties, Inc. has a 52 week low of $59.82 and a 52 week high of $76.60. The business’s fifty day simple moving average is $69.97 and its 200 day simple moving average is $68.67.

Equity LifeStyle Properties (NYSE:ELS) last posted its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.28). The company had revenue of $387.30 million for the quarter, compared to analyst estimates of $315.78 million. Equity LifeStyle Properties had a net margin of 23.97% and a return on equity of 24.10%. The firm’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.71 EPS. As a group, equities research analysts anticipate that Equity LifeStyle Properties, Inc. will post 2.92 EPS for the current fiscal year.

Equity LifeStyle Properties Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a dividend of $0.477 per share. This represents a $1.91 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, December 27th. Equity LifeStyle Properties’s payout ratio is currently 98.45%.

Insider Activity at Equity LifeStyle Properties

In other Equity LifeStyle Properties news, CEO Marguerite M. Nader sold 33,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $75.52, for a total value of $2,492,160.00. Following the sale, the chief executive officer now directly owns 260,936 shares of the company’s stock, valued at approximately $19,705,886.72. This trade represents a 11.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Paul Seavey sold 31,988 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $74.83, for a total value of $2,393,662.04. Following the completion of the sale, the chief financial officer now directly owns 148,463 shares in the company, valued at approximately $11,109,486.29. The trade was a 17.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of January 29, 2024, we own or have an interest in 451 properties in 35 states and British Columbia consisting of 172,465 sites.