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

Equity LifeStyle Properties, Inc. (NYSE:ELS) announced a quarterly dividend on Tuesday, July 30th, Wall Street Journal reports. Investors of record on Friday, September 27th will be paid a dividend of 0.4775 per share by the real estate investment trust on Friday, October 11th. This represents a $1.91 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date is Friday, September 27th. This is a positive change from Equity LifeStyle Properties’s previous quarterly dividend of $0.48.

Equity LifeStyle Properties has raised its dividend payment by an average of 18.9% annually over the last three years and has raised its dividend every year for the last 20 years. Equity LifeStyle Properties has a payout ratio of 102.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Equity LifeStyle Properties to earn $3.07 per share next year, which means the company should continue to be able to cover its $1.91 annual dividend with an expected future payout ratio of 62.2%.

Equity LifeStyle Properties Price Performance

Equity LifeStyle Properties stock opened at $68.68 on Thursday. The stock has a market cap of $12.81 billion, a price-to-earnings ratio of 37.53, a PEG ratio of 3.95 and a beta of 0.77. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.34. The business has a 50-day simple moving average of $64.34 and a 200 day simple moving average of $64.73. Equity LifeStyle Properties has a 52 week low of $59.82 and a 52 week high of $74.04.

Equity LifeStyle Properties (NYSE:ELS) last issued its quarterly earnings data on Monday, July 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.23). The business had revenue of $380.00 million for the quarter, compared to analysts’ expectations of $334.53 million. Equity LifeStyle Properties had a return on equity of 23.71% and a net margin of 23.56%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 EPS. On average, research analysts forecast that Equity LifeStyle Properties will post 2.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ELS. Truist Financial raised their price objective on shares of Equity LifeStyle Properties from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Tuesday. Evercore ISI raised their price target on Equity LifeStyle Properties from $69.00 to $72.00 and gave the company an “in-line” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $68.00 price target on shares of Equity LifeStyle Properties in a research note on Wednesday, July 24th. Finally, Barclays reduced their price objective on Equity LifeStyle Properties from $78.00 to $72.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $68.94.

Equity LifeStyle Properties Company Profile

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.