In a recent filing with the Securities and Exchange Commission (SEC), the State of Alaska Department of Revenue revealed that it has boosted its holdings in Equity LifeStyle Properties, Inc. (NYSE:ELS) by 2.2% during the first quarter of this year. This move signifies increased confidence in the real estate investment trust (REIT) by one of its major shareholders.
The State of Alaska Department of Revenue now owns 114,010 shares of Equity LifeStyle Properties’ stock after acquiring an additional 2,457 shares during the period. This represents a significant increase in their holdings, which now stands at 0.06% of the company’s worth, amounting to $7,651,000 as of the most recent filing with the SEC.
Equity LifeStyle Properties reported its latest earnings results on April 18th, revealing an earnings per share (EPS) figure of $0.44 for the quarter. This result fell short of the consensus estimate by $0.31. The company’s return on equity was reported at an impressive 18.71%, indicating efficient management and solid financial performance.
The net margin for Equity LifeStyle Properties stood at 19.50%, demonstrating a profitable operation in the real estate market. Furthermore, the company generated revenue of $370 million for the quarter—outperforming analyst estimates that predicted $351.71 million in revenue.
In comparison to the previous year’s figures, Equity LifeStyle Properties experienced growth with a 2.7% increase in revenue year-over-year during this quarter. It is worth noting that during the corresponding period last year, their earnings per share amounted to $0.72—higher than what was reported this year.
Equity LifeStyle Properties operates as a self-administered and self-managed REIT headquartered in Chicago—a prominent hub for real estate investments and finance within North America. Their portfolio includes ownership or interest in a total of 448 properties across 35 states in the United States and British Columbia.
With an impressive collection of 170,965 sites under its purview as of January 30, 2023, Equity LifeStyle Properties has established itself as a significant player in the real estate market. The company’s diversified portfolio spans various locations, ensuring a balanced approach to income generation and risk management.
Looking to the future, research analysts anticipate that Equity LifeStyle Properties will post earnings per share of 2.84 for the current year. Such projections take into consideration both historical data and industry trends, providing potential investors with insights into the expected financial performance of the REIT moving forward.
Overall, despite missing expectations for the recent quarter, Equity LifeStyle Properties remains a resilient and promising REIT. With continued support from major shareholders such as the State of Alaska Department of Revenue, coupled with their expansive property holdings and solid financial footing, it appears that this company is well-positioned for success in the real estate market both now and in years to come.
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Institutional Investors Adjust Stakes in Equity LifeStyle Properties (ELS) as Analysts Offer Mixed Perspectives
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”ELS” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Equity LifeStyle Properties, Inc. (ELS) has seen its fair share of activity from various investors in recent months. Notably, Beese Fulmer Investment Management Inc., Vident Investment Advisory LLC, Nissay Asset Management Corp Japan ADV, Utah Retirement Systems, and Commonwealth Equity Services LLC have all made adjustments to their stakes in ELS. These changes reflect a mix of increases and decreases in ownership percentages.
Beese Fulmer Investment Management Inc. increased its position in ELS by 2.2% during the first quarter. This move resulted in the acquisition of an additional 150 shares, bringing their total ownership to 7,012 shares valued at $471,000. Similarly, Vident Investment Advisory LLC raised its position by 1.2% in the fourth quarter with an additional 178 shares worth $966,000.
Nissay Asset Management Corp Japan ADV also chose to raise its position by 0.5% during the same period. The acquisition of an extra 183 shares brought their total ownership to 37,919 shares valued at $2,450,000.
Utah Retirement Systems took a slightly different approach by raising its stake in ELS by 0.6% during the first quarter through the purchase of an additional 200 shares valued at $2,425,000.
Lastly, Commonwealth Equity Services LLC increased its position by 6.1% during Q4 with the acquisition of an additional 232 shares worth $259,000.
Overall, institutional investors currently own a significant majority (91.06%) of ELS company’s stock.
In terms of stock performance, ELS was trading at $66.95 on June 28th when it opened on the New York Stock Exchange (NYSE). Over a one-year period, the stock’s value has ranged between a low of $56.91 and a high of $77.36.
As for the company itself, ELS is a self-administered and self-managed real estate investment trust (REIT) headquartered in Chicago. With 448 properties spread across 35 states and British Columbia, ELS holds an extensive portfolio comprising 170,965 sites as of January 30, 2023.
Investors can also look forward to an upcoming dividend payment from ELS. The company disclosed a quarterly dividend that will be distributed on July 14th to shareholders of record as of June 30th. The announced dividend is $0.447 per share, reflecting an annualized yield of 2.67%.
Amidst these developments, several equity analysts have shared their insights on ELS. StockNews.com initiated coverage with a “hold” rating for the company in a research report released on May 18th. Royal Bank of Canada also provided their analysis and set a price objective at $70.00, down from $72.00, while maintaining a “sector perform” rating in their research report on April 19th.
Furthermore, Wells Fargo & Company initiated its coverage and awarded ELS an “overweight” rating with a price objective of $75.50 in its research report released on March 29th.
At present, Bloomberg.com confirms that ELS has been assigned an average rating of “Hold” by analysts alongside an average price target of $76.28.
In conclusion, Equity LifeStyle Properties has experienced changes in ownership percentages by various institutional investors lately. These adjustments have both added to and reduced stakes in the company’s stock. As ELS continues to navigate the market with a diverse portfolio and upcoming dividends, analysts maintain varying perspectives regarding its performance moving forward.
