Equity Lifestyle Properties (NYSE:ELS) Shares Down 4.3% on Disappointing Earnings

Equity Lifestyle Properties, Inc. (NYSE:ELS) shares traded down 4.3% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $59.54 and last traded at $59.3020. 809,363 shares were traded during trading, a decline of 51% from the average daily volume of 1,662,039 shares. The stock had previously closed at $61.97.

The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.34). Equity Lifestyle Properties had a return on equity of 22.31% and a net margin of 25.92%. The company had revenue of $409.90 million during the quarter, compared to analysts’ expectations of $402.75 million. During the same quarter in the prior year, the business posted $0.75 EPS. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year.

Equity Lifestyle Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were issued a dividend of $0.5425 per share. This represents a $2.17 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, September 25th. Equity Lifestyle Properties’s dividend payout ratio is presently 104.33%.

Wall Street Analyst Weigh In

ELS has been the topic of a number of research reports. UBS Group dropped their price target on Equity Lifestyle Properties from $76.00 to $67.00 and set a “buy” rating on the stock in a research note on Tuesday, October 6th. Royal Bank Of Canada reduced their price objective on Equity Lifestyle Properties from $71.00 to $68.00 and set an “outperform” rating for the company in a research report on Tuesday, October 13th. Jefferies Financial Group raised Equity Lifestyle Properties to a “strong-buy” rating in a report on Monday, October 12th. Odeon Capital Group set a $65.00 target price on Equity Lifestyle Properties in a report on Thursday, July 9th. Finally, Weiss Ratings cut Equity Lifestyle Properties from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Equity Lifestyle Properties presently has a consensus rating of “Hold” and a consensus target price of $67.09.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Equity Lifestyle Properties by 5.4% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 52,076 shares of the real estate investment trust’s stock worth $3,038,000 after acquiring an additional 2,669 shares during the last quarter. YANKCOM Partnership increased its stake in shares of Equity Lifestyle Properties by 44.9% in the 3rd quarter. YANKCOM Partnership now owns 549 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 170 shares in the last quarter. Mather Group LLC. increased its stake in shares of Equity Lifestyle Properties by 122.0% in the 3rd quarter. Mather Group LLC. now owns 535 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 294 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new stake in shares of Equity Lifestyle Properties in the 3rd quarter worth $819,000. Finally, CX Institutional raised its holdings in Equity Lifestyle Properties by 1,288.6% in the 3rd quarter. CX Institutional now owns 611 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 567 shares during the period. 97.21% of the stock is currently owned by institutional investors.

Equity Lifestyle Properties Trading Down 3.4%

The stock has a fifty day moving average of $61.53 and a 200 day moving average of $63.04. The company has a market capitalization of $11.62 billion, a P/E ratio of 28.80, a PEG ratio of 3.49 and a beta of 0.63. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.02 and a current ratio of 0.02.

About Equity Lifestyle Properties

Equity LifeStyle Properties, Inc (NYSE:ELS) is a real estate investment trust that owns, operates and manages manufactured housing communities, recreational vehicle resorts and campgrounds, and marinas. Its properties are designed to provide residential and vacation accommodations, with offerings that range from long-term manufactured home sites to seasonal and transient RV sites and boat storage.

The company serves residents, vacationers and boat owners across the United States. Its portfolio is concentrated in locations with favorable climates, recreational appeal and access to coastal, lakefront or other leisure destinations.