Price T Rowe Associates Inc. MD Sells 3,880,407 Shares of Equity LifeStyle Properties, Inc. (NYSE:ELS)

Price T Rowe Associates Inc. MD cut its holdings in Equity LifeStyle Properties, Inc. (NYSE:ELS) by 28.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,574,117 shares of the real estate investment trust’s stock after selling 3,880,407 shares during the period. Price T Rowe Associates Inc. MD owned about 5.13% of Equity LifeStyle Properties worth $616,574,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ELS. Norges Bank bought a new stake in shares of Equity LifeStyle Properties in the fourth quarter valued at $455,623,000. Boston Partners raised its stake in shares of Equity LifeStyle Properties by 122.4% in the fourth quarter. Boston Partners now owns 2,728,675 shares of the real estate investment trust’s stock valued at $192,469,000 after buying an additional 1,501,692 shares during the period. Principal Financial Group Inc. raised its stake in shares of Equity LifeStyle Properties by 55.1% in the first quarter. Principal Financial Group Inc. now owns 1,511,750 shares of the real estate investment trust’s stock valued at $97,357,000 after buying an additional 536,864 shares during the period. ProShare Advisors LLC raised its stake in shares of Equity LifeStyle Properties by 4,590.4% in the first quarter. ProShare Advisors LLC now owns 459,846 shares of the real estate investment trust’s stock valued at $29,614,000 after buying an additional 450,042 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Equity LifeStyle Properties by 17.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,743,596 shares of the real estate investment trust’s stock valued at $193,533,000 after buying an additional 410,042 shares during the period. 97.21% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on ELS. Evercore ISI boosted their target price on Equity LifeStyle Properties from $69.00 to $72.00 and gave the company an “in-line” rating in a research note on Tuesday, July 23rd. Truist Financial lowered their target price on Equity LifeStyle Properties from $72.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Barclays reduced 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. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $68.00 price target on shares of Equity LifeStyle Properties in a research report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Equity LifeStyle Properties has an average rating of “Hold” and an average target price of $68.39.

Equity LifeStyle Properties Price Performance

NYSE:ELS traded up $0.02 during trading hours on Monday, hitting $67.02. 59,970 shares of the company’s stock traded hands, compared to its average volume of 1,223,959. The firm has a market cap of $12.50 billion, a P/E ratio of 36.61, a P/E/G ratio of 3.95 and a beta of 0.77. Equity LifeStyle Properties, Inc. has a 52 week low of $59.82 and a 52 week high of $74.04. The business’s fifty day simple moving average is $64.21 and its two-hundred day simple moving average is $64.76. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.34.

Equity LifeStyle Properties (NYSE:ELS) last posted its quarterly earnings data on Monday, July 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.23). The business had revenue of $380.00 million for the quarter, compared to the consensus estimate of $334.53 million. Equity LifeStyle Properties had a net margin of 23.56% and a return on equity of 23.71%. Equity LifeStyle Properties’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 EPS. On average, research analysts anticipate that Equity LifeStyle Properties, Inc. will post 2.9 earnings per share for the current fiscal year.

Equity LifeStyle Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a dividend of $0.477 per share. This represents a $1.91 annualized dividend and a yield of 2.85%. The ex-dividend date was Friday, June 28th. Equity LifeStyle Properties’s dividend payout ratio is 104.37%.

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.