Equity LifeStyle Properties (NYSE:ELS) Price Target Raised to $76.00

Equity LifeStyle Properties (NYSE:ELS) had its price target raised by Evercore ISI from $73.00 to $76.00 in a report issued on Monday, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

A number of other research analysts have also issued reports on ELS. Truist Financial increased their target price 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. Royal Bank of Canada reissued a sector perform rating and set a $68.00 target price on shares of Equity LifeStyle Properties in a research note on Wednesday, July 24th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Equity LifeStyle Properties has a consensus rating of Hold and a consensus price target of $69.25.

Equity LifeStyle Properties Stock Performance

ELS opened at $73.49 on Monday. The stock has a market cap of $13.71 billion, a P/E ratio of 40.16, a P/E/G ratio of 4.32 and a beta of 0.79. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.03 and a quick ratio of 0.03. The firm has a fifty day moving average price of $70.70 and a 200 day moving average price of $65.97. Equity LifeStyle Properties has a 1 year low of $59.82 and a 1 year high of $76.60.

Equity LifeStyle Properties (NYSE:ELS) last posted its earnings results 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 firm had revenue of $380.00 million for the quarter, compared to analysts’ expectations of $334.53 million. Equity LifeStyle Properties had a return on equity of 23.71% and a net margin of 23.56%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.66 earnings per share. Equities research analysts anticipate that Equity LifeStyle Properties will post 2.91 earnings per share for the current year.

Equity LifeStyle Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.4775 per share. The ex-dividend date is Friday, September 27th. This is a positive change from Equity LifeStyle Properties’s previous quarterly dividend of $0.48. This represents a $1.91 dividend on an annualized basis and a yield of 2.60%. Equity LifeStyle Properties’s payout ratio is presently 104.37%.

Insider Buying and Selling at Equity LifeStyle Properties

In other news, CEO Marguerite M. Nader sold 33,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $75.52, for a total transaction of $2,492,160.00. Following the transaction, the chief executive officer now directly owns 260,936 shares in the company, valued at approximately $19,705,886.72. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Marguerite M. Nader sold 33,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $75.52, for a total transaction of $2,492,160.00. Following the transaction, the chief executive officer now owns 260,936 shares of the company’s stock, valued at approximately $19,705,886.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Patrick Waite sold 20,820 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $70.23, for a total transaction of $1,462,188.60. Following the completion of the sale, the chief operating officer now directly owns 221,777 shares of the company’s stock, valued at approximately $15,575,398.71. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Equity LifeStyle Properties by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 25,069,389 shares of the real estate investment trust’s stock valued at $1,614,469,000 after purchasing an additional 240,853 shares during the last quarter. Norges Bank purchased a new position in Equity LifeStyle Properties during the fourth quarter worth about $455,623,000. Victory Capital Management Inc. increased its position in shares of Equity LifeStyle Properties by 7.8% during the second quarter. Victory Capital Management Inc. now owns 4,609,806 shares of the real estate investment trust’s stock valued at $300,237,000 after acquiring an additional 331,945 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Equity LifeStyle Properties by 5.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,218,638 shares of the real estate investment trust’s stock valued at $209,630,000 after acquiring an additional 153,715 shares during the period. Finally, Boston Partners lifted its holdings in shares of Equity LifeStyle Properties by 4.2% in the 1st quarter. Boston Partners now owns 2,842,566 shares of the real estate investment trust’s stock worth $183,035,000 after acquiring an additional 113,891 shares during the last quarter. 97.21% of the stock is currently owned by hedge funds and other institutional investors.

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.