Equity Lifestyle Properties, Inc. (NYSE:ELS) Short Interest Update
by Kim Johansen · The Markets DailyEquity Lifestyle Properties, Inc. (NYSE:ELS – Get Free Report) saw a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 6,108,287 shares, a decrease of 26.6% from the February 26th total of 8,318,873 shares. Based on an average trading volume of 1,731,499 shares, the days-to-cover ratio is presently 3.5 days. Currently, 3.2% of the company’s shares are short sold.
Equity Lifestyle Properties Trading Down 1.0%
ELS stock traded down $0.65 during midday trading on Friday, reaching $62.15. 963,169 shares of the company’s stock traded hands, compared to its average volume of 2,312,863. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.04 and a quick ratio of 0.04. Equity Lifestyle Properties has a fifty-two week low of $58.15 and a fifty-two week high of $69.15. The business has a 50-day moving average price of $65.76 and a two-hundred day moving average price of $62.98. The company has a market capitalization of $12.05 billion, a P/E ratio of 30.92, a PEG ratio of 3.45 and a beta of 0.75.
Equity Lifestyle Properties Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Friday, March 27th will be issued a $0.5425 dividend. The ex-dividend date is Friday, March 27th. This represents a $2.17 annualized dividend and a yield of 3.5%. This is an increase from Equity Lifestyle Properties’s previous quarterly dividend of $0.52. Equity Lifestyle Properties’s payout ratio is currently 107.96%.
Wall Street Analyst Weigh In
Several brokerages recently commented on ELS. Wall Street Zen lowered shares of Equity Lifestyle Properties from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Equity Lifestyle Properties in a report on Thursday, January 22nd. Truist Financial upped their price objective on Equity Lifestyle Properties from $66.00 to $69.00 and gave the stock a “hold” rating in a report on Wednesday, February 18th. Zelman & Associates started coverage on Equity Lifestyle Properties in a research report on Monday, March 16th. They issued an “underperform” rating and a $59.25 target price on the stock. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $70.00 target price (up from $68.00) on shares of Equity Lifestyle Properties in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Equity Lifestyle Properties currently has an average rating of “Hold” and a consensus target price of $69.63.
Get Our Latest Research Report on Equity Lifestyle Properties
Insider Buying and Selling at Equity Lifestyle Properties
In other news, Director David J. Contis sold 3,000 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $67.22, for a total transaction of $201,660.00. Following the transaction, the director directly owned 14,890 shares in the company, valued at $1,000,905.80. This represents a 16.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Equity Lifestyle Properties by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 25,477,480 shares of the real estate investment trust’s stock valued at $1,544,190,000 after buying an additional 592,013 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Equity Lifestyle Properties by 303.9% during the 4th 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 acquiring an additional 11,999,874 shares in the last quarter. State Street Corp lifted its position in Equity Lifestyle Properties by 1.8% during the 2nd quarter. State Street Corp now owns 13,268,436 shares of the real estate investment trust’s stock worth $824,943,000 after acquiring an additional 237,090 shares in the last quarter. Cohen & Steers Inc. boosted its holdings in Equity Lifestyle Properties by 26.8% in the 4th quarter. Cohen & Steers Inc. now owns 10,614,040 shares of the real estate investment trust’s stock worth $643,331,000 after acquiring an additional 2,246,622 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Equity Lifestyle Properties by 32.5% in the 3rd quarter. Victory Capital Management Inc. now owns 6,823,626 shares of the real estate investment trust’s stock worth $414,194,000 after acquiring an additional 1,674,281 shares during the period. Institutional investors and hedge funds own 97.21% of the company’s stock.
About Equity Lifestyle Properties
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.