Westpac Banking Corp Takes Position in Equity Lifestyle Properties, Inc. $ELS

Westpac Banking Corp acquired a new stake in shares of Equity Lifestyle Properties, Inc. (NYSE:ELS) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 38,088 shares of the real estate investment trust’s stock, valued at approximately $2,455,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELS. BlackRock Inc. purchased a new position in Equity Lifestyle Properties in the 2nd quarter valued at about $1,576,449,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Equity Lifestyle Properties by 303.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,948,613 shares of the real estate investment trust’s stock worth $966,648,000 after buying an additional 11,999,874 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Equity Lifestyle Properties by 253.7% during the third quarter. Daiwa Securities Group Inc. now owns 3,147,048 shares of the real estate investment trust’s stock worth $191,025,000 after buying an additional 2,257,299 shares in the last quarter. Cohen & Steers Inc. raised its position in shares of Equity Lifestyle Properties by 26.8% in the fourth quarter. Cohen & Steers Inc. now owns 10,614,040 shares of the real estate investment trust’s stock valued at $643,331,000 after buying an additional 2,246,622 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Equity Lifestyle Properties during the fourth quarter valued at approximately $125,352,000. Hedge funds and other institutional investors own 97.21% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ELS. Wells Fargo & Company cut their price target on Equity Lifestyle Properties from $70.00 to $69.00 and set an “equal weight” rating for the company in a report on Monday, June 1st. Odeon Capital Group set a $65.00 price objective on Equity Lifestyle Properties in a report on Thursday, July 9th. Barclays set a $69.00 target price on Equity Lifestyle Properties and gave the company an “equal weight” rating in a research note on Monday. Morgan Stanley reiterated a “mixed” rating and set a $59.00 target price (down from $62.50) on shares of Equity Lifestyle Properties in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised Equity Lifestyle Properties from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.52.

Equity Lifestyle Properties Price Performance

ELS opened at $65.48 on Friday. Equity Lifestyle Properties, Inc. has a 52-week low of $58.72 and a 52-week high of $69.00. The company has a 50 day moving average of $64.71 and a two-hundred day moving average of $64.63. The company has a market cap of $12.71 billion, a P/E ratio of 31.48, a P/E/G ratio of 3.81 and a beta of 0.64. The company has a quick ratio of 0.02, a current ratio of 0.02 and a debt-to-equity ratio of 0.31.

Equity Lifestyle Properties (NYSE:ELS) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.22). Equity Lifestyle Properties had a net margin of 25.92% and a return on equity of 22.31%. The business had revenue of $397.81 million during the quarter, compared to analysts’ expectations of $383.66 million. During the same period in the prior year, the business posted $0.69 EPS. The business’s revenue was up 5.5% on a year-over-year basis. On average, analysts expect that Equity Lifestyle Properties, Inc. will post 3.2 earnings per share for the current year.

Equity Lifestyle Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be given a $0.5425 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.17 annualized dividend and a dividend yield of 3.3%. Equity Lifestyle Properties’s dividend payout ratio is presently 104.33%.

Equity Lifestyle Properties Company Profile

Equity Lifestyle Properties, Inc (NYSE: ELS) is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company’s portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.

In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.