PNC Financial Services Group Inc. Cuts Holdings in Equity LifeStyle Properties, Inc. (NYSE:ELS)

PNC Financial Services Group Inc. decreased its holdings in Equity LifeStyle Properties, Inc. (NYSE:ELS) by 2.7% in the third quarter, Holdings Channel reports. The firm owned 17,722 shares of the real estate investment trust’s stock after selling 498 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Equity LifeStyle Properties were worth $1,264,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in shares of Equity LifeStyle Properties during the second quarter valued at approximately $30,000. UMB Bank n.a. boosted its holdings in Equity LifeStyle Properties by 356.4% in the third quarter. UMB Bank n.a. now owns 534 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 417 shares during the last quarter. Blue Trust Inc. grew its position in Equity LifeStyle Properties by 167.1% in the 2nd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 391 shares during the period. GAMMA Investing LLC raised its stake in Equity LifeStyle Properties by 36.0% during the 2nd quarter. GAMMA Investing LLC now owns 819 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 217 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Equity LifeStyle Properties during the 2nd quarter valued at $54,000. Hedge funds and other institutional investors own 97.21% of the company’s stock.

Analysts Set New Price Targets

ELS has been the topic of several research reports. Robert W. Baird raised their target price on Equity LifeStyle Properties from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Evercore ISI raised their price objective on shares of Equity LifeStyle Properties from $76.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. UBS Group raised shares of Equity LifeStyle Properties to a “strong-buy” rating in a report on Thursday, October 10th. Truist Financial lifted their price target on shares of Equity LifeStyle Properties from $70.00 to $71.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Finally, Compass Point upped their price objective on Equity LifeStyle Properties from $70.00 to $72.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Equity LifeStyle Properties currently has a consensus rating of “Moderate Buy” and an average price target of $72.50.

Equity LifeStyle Properties Price Performance

ELS opened at $72.09 on Thursday. The business has a fifty day moving average of $70.23 and a 200 day moving average of $68.27. The stock has a market cap of $13.77 billion, a P/E ratio of 36.78, a PEG ratio of 3.78 and a beta of 0.79. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.35. Equity LifeStyle Properties, Inc. has a 52-week low of $59.82 and a 52-week high of $76.60.

Equity LifeStyle Properties (NYSE:ELS) last announced its quarterly earnings data on Monday, October 21st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.28). Equity LifeStyle Properties had a net margin of 23.97% and a return on equity of 24.10%. The company had revenue of $387.30 million for the quarter, compared to the consensus estimate of $315.78 million. During the same quarter in the previous year, the business earned $0.71 EPS. The company’s quarterly revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Equity LifeStyle Properties, Inc. will post 2.92 EPS for the current year.

Equity LifeStyle Properties Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.477 dividend. This represents a $1.91 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, December 27th. Equity LifeStyle Properties’s dividend payout ratio (DPR) is presently 98.45%.

Insiders Place Their Bets

In other news, CFO Paul Seavey sold 31,988 shares of Equity LifeStyle Properties stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $74.83, for a total value of $2,393,662.04. Following the transaction, the chief financial officer now owns 148,463 shares of the company’s stock, valued at $11,109,486.29. The trade was a 17.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marguerite M. Nader sold 33,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $75.52, for a total value of $2,492,160.00. Following the sale, the chief executive officer now owns 260,936 shares of the company’s stock, valued at approximately $19,705,886.72. This represents a 11.23 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

About Equity LifeStyle Properties

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.