Exchange Traded Concepts LLC significantly expanded its holdings in Equity Lifestyle Properties, Inc. (NYSE: ELS) by 68.0% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor acquired an additional 9,523 shares, bringing its total to 23,527 shares. As of the latest filing, these holdings are valued at approximately $1.45 million.
Several other institutional investors have also adjusted their positions in Equity Lifestyle Properties. Notably, Marshall Financial Group LLC acquired a new stake worth $863,000 during the same quarter. Wealth Enhancement Advisory Services LLC increased its investment by 49.6%, now owning 19,583 shares valued at $1.216 million after adding 6,489 shares. Additionally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position by 14.1%, owning 61,102 shares worth $3.768 million after purchasing 7,539 shares. Other firms, including Financiere des Professionnels Fonds d’investissement inc. and Gallacher Capital Management LLC, also made new investments in Equity Lifestyle Properties, reflecting a growing interest among institutional investors in this real estate investment trust (REIT). Overall, institutional investors control approximately 97.21% of the company’s stock.
Wall Street Analysts Adjust Ratings
Wall Street analysts have recently issued varied ratings on Equity Lifestyle Properties. Wells Fargo & Company downgraded its target price from $82.00 to $70.00, maintaining an “overweight” rating in a research note dated July 24, 2023. Conversely, Barclays upgraded its rating from “equal weight” to “overweight,” while lowering the target price from $70.00 to $67.00 on July 29. Compass Point also upgraded its stance from “neutral” to “buy,” setting a target price of $72.00 on July 22.
Overall, one investment analyst has assigned a “Strong Buy” rating, eight have given a “Buy” rating, and three have categorized it as “Hold.” According to MarketBeat, the stock currently holds a consensus rating of “Moderate Buy” with an average target price of $71.05.
Current Stock Performance and Earnings Report
As of the latest trading session, shares of Equity Lifestyle Properties opened at $60.39. The company boasts a market capitalization of $11.70 billion, with a price-to-earnings (P/E) ratio of 31.29, and a P/E growth (P/E/G) ratio of 3.27. The stock has experienced a 1-year low of $58.15 and a 1-year high of $73.87.
In its latest earnings report, released on July 21, Equity Lifestyle Properties reported earnings per share (EPS) of $0.69, matching analysts’ expectations. The company generated $313.29 million in revenue for the quarter, slightly below the forecast of $377.59 million. Year-over-year, the company’s revenue decreased by 0.8%. Equity Lifestyle Properties also announced guidance for the fiscal year 2025, projecting EPS between $3.010 and $3.110.
In addition, the company revealed plans to pay a quarterly dividend of $0.515 per share on October 10, 2025. Shareholders on record as of September 26 will be eligible for this dividend, equivalent to an annualized dividend of $2.06 and a yield of 3.4%. The current payout ratio stands at approximately 106.74%.
Equity Lifestyle Properties, Inc. specializes in the ownership and operation of lifestyle-oriented properties, primarily focusing on manufactured home and recreational vehicle communities. The company operates through two segments: Property Operations and Home Sales and Rentals Operations.