Westpac Banking Corp Cuts Stock Holdings in Equity LifeStyle Properties, Inc. (NYSE:ELS)

Westpac Banking Corp cut its position in shares of Equity LifeStyle Properties, Inc. (NYSE:ELS) by 75.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,483 shares of the real estate investment trust’s stock after selling 146,082 shares during the period. Westpac Banking Corp’s holdings in Equity LifeStyle Properties were worth $3,176,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. acquired a new position in shares of Equity LifeStyle Properties in the first quarter worth about $28,000. Eagle Bay Advisors LLC acquired a new position in Equity LifeStyle Properties in the 2nd quarter worth about $30,000. HM Payson & Co. purchased a new position in Equity LifeStyle Properties during the second quarter worth approximately $40,000. Brown Brothers Harriman & Co. purchased a new position in Equity LifeStyle Properties during the first quarter worth approximately $59,000. Finally, Arlington Partners LLC acquired a new stake in Equity LifeStyle Properties in the second quarter valued at approximately $71,000. 98.55% of the stock is owned by hedge funds and other institutional investors.

Equity LifeStyle Properties Price Performance

ELS stock traded up $0.49 during mid-day trading on Thursday, reaching $69.87. The company’s stock had a trading volume of 226,263 shares, compared to its average volume of 1,199,572. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 0.33. The company’s 50 day moving average is $65.57 and its two-hundred day moving average is $66.68. Equity LifeStyle Properties, Inc. has a fifty-two week low of $60.47 and a fifty-two week high of $74.40. The stock has a market cap of $13.02 billion, a PE ratio of 43.91, a P/E/G ratio of 6.30 and a beta of 0.70.

Equity LifeStyle Properties (NYSE:ELS) last posted its quarterly earnings results on Tuesday, October 17th. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.31). Equity LifeStyle Properties had a net margin of 20.10% and a return on equity of 19.58%. The company had revenue of $388.80 million during the quarter, compared to analysts’ expectations of $337.88 million. During the same quarter last year, the company earned $0.70 earnings per share. Equity LifeStyle Properties’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities research analysts expect that Equity LifeStyle Properties, Inc. will post 2.85 EPS for the current year.

Equity LifeStyle Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.447 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.79 annualized dividend and a dividend yield of 2.56%. Equity LifeStyle Properties’s dividend payout ratio is presently 113.29%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ELS. Compass Point initiated coverage on Equity LifeStyle Properties in a research report on Tuesday, October 10th. They set a “neutral” rating and a $65.00 target price on the stock. Bank of America lowered shares of Equity LifeStyle Properties from a “buy” rating to a “neutral” rating and dropped their target price for the company from $70.00 to $64.00 in a research report on Monday, October 23rd. Wells Fargo & Company downgraded shares of Equity LifeStyle Properties from an “overweight” rating to an “equal weight” rating and set a $70.50 price target for the company. in a research report on Tuesday, September 5th. Robert W. Baird decreased their price target on shares of Equity LifeStyle Properties from $79.00 to $76.00 in a research note on Wednesday, July 19th. Finally, Evercore ISI cut their price objective on Equity LifeStyle Properties from $70.00 to $67.00 in a research note on Monday, October 9th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Equity LifeStyle Properties currently has a consensus rating of “Hold” and a consensus target price of $71.17.

Equity LifeStyle Properties Profile

We are a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of October 16, 2023, we own or have an interest in 450 properties in 35 states and British Columbia consisting of 171,707 sites.