Equity LifeStyle Properties, Inc. (NYSE:ELS) Raises Dividend to $0.48 Per Share

Equity LifeStyle Properties, Inc. (NYSE:ELSGet Free Report) announced a quarterly dividend on Tuesday, February 6th, Zacks reports. Stockholders of record on Thursday, March 28th will be paid a dividend of 0.477 per share by the real estate investment trust on Friday, April 12th. This represents a $1.91 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Equity LifeStyle Properties’s previous quarterly dividend of $0.45.

Equity LifeStyle Properties has raised its dividend payment by an average of 9.3% per year over the last three years and has increased its dividend every year for the last 19 years. Equity LifeStyle Properties has a payout ratio of 96.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Equity LifeStyle Properties to earn $3.08 per share next year, which means the company should continue to be able to cover its $1.79 annual dividend with an expected future payout ratio of 58.1%.

Equity LifeStyle Properties Price Performance

Shares of ELS opened at $63.94 on Tuesday. The company has a 50 day moving average price of $66.72 and a 200-day moving average price of $67.53. Equity LifeStyle Properties has a fifty-two week low of $60.47 and a fifty-two week high of $74.04. The stock has a market capitalization of $11.92 billion, a PE ratio of 38.06, a PEG ratio of 3.85 and a beta of 0.70. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.03 and a current ratio of 0.03.

Hedge Funds Weigh In On Equity LifeStyle Properties

A number of large investors have recently made changes to their positions in the stock. GSA Capital Partners LLP purchased a new position in shares of Equity LifeStyle Properties in the 4th quarter valued at about $221,000. Public Employees Retirement System of Ohio increased its holdings in Equity LifeStyle Properties by 0.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 344,991 shares of the real estate investment trust’s stock valued at $24,336,000 after acquiring an additional 2,554 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Equity LifeStyle Properties during the 4th quarter valued at about $449,000. Legal & General Group Plc increased its holdings in Equity LifeStyle Properties by 11.1% during the 4th quarter. Legal & General Group Plc now owns 2,219,876 shares of the real estate investment trust’s stock valued at $156,590,000 after acquiring an additional 222,054 shares in the last quarter. Finally, Barclays PLC increased its holdings in Equity LifeStyle Properties by 51.1% during the 4th quarter. Barclays PLC now owns 277,314 shares of the real estate investment trust’s stock valued at $19,561,000 after acquiring an additional 93,821 shares in the last quarter. Hedge funds and other institutional investors own 97.21% of the company’s stock.

Wall Street Analyst Weigh In

ELS has been the subject of a number of analyst reports. Wolfe Research raised shares of Equity LifeStyle Properties from a “peer perform” rating to an “outperform” rating and set a $75.00 target price for the company in a research report on Friday, February 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Equity LifeStyle Properties in a report on Tuesday, January 30th. They issued a “hold” rating and a $64.00 price target for the company. Truist Financial decreased their price target on shares of Equity LifeStyle Properties from $73.00 to $72.00 and set a “hold” rating for the company in a report on Wednesday, January 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of Equity LifeStyle Properties in a research note on Wednesday, January 31st. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $70.15.

Check Out Our Latest Analysis on ELS

About Equity LifeStyle Properties

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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.

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Dividend History for Equity LifeStyle Properties (NYSE:ELS)

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