Envestnet Asset Management Inc. has reduced its holdings in Equity Lifestyle Properties Inc. (NYSE: ELS) by 23.4% during the first quarter of 2024. According to the company’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC), Envestnet now owns 278,317 shares of the real estate investment trust after selling 84,921 shares during this period. The remaining shares are valued at approximately $18.56 million.
Several other institutional investors have also adjusted their positions in Equity Lifestyle Properties recently. IFM Investors Pty Ltd increased its stake by 1.7%, securing 78,826 shares valued at $5.62 million after acquiring an additional 1,321 shares. GF Fund Management CO. LTD. raised its position by 6.8%, now owning 3,438 shares worth $229,000 after adding 218 shares. The Principal Financial Group Inc. made a significant boost by increasing its shares by 4.6%, now holding 6,349,010 shares valued at $423.48 million. Additionally, the Teacher Retirement System of Texas expanded its stake by a remarkable 93.0%, bringing its total to 32,432 shares, valued at $2.16 million after acquiring 15,632 shares. The New York State Teachers Retirement System also increased its position by 0.4%, now owning 134,668 shares worth $8.98 million.
Institutional investors own approximately 97.21% of Equity Lifestyle Properties’ stock.
In other developments, Chief Financial Officer Paul Seavey sold 10,000 shares of the company’s stock on May 7, 2024, at an average price of $64.72, totaling $647,200. Following this sale, Seavey holds 78,162 shares valued at around $5.06 million, which indicates an 11.34% decrease in his ownership. This transaction was duly reported in a filing with the SEC.
Equity Lifestyle Properties Financial Performance
As of Thursday, the stock opened at $61.77. Equity Lifestyle Properties has a current ratio of 0.03, a quick ratio of 0.03, and a debt-to-equity ratio of 0.14. The company has seen a 12-month stock low of $58.86 and a high of $76.60. Its market capitalization stands at $11.81 billion, with a price-to-earnings ratio of 32.01, a PEG ratio of 3.29, and a beta of 0.72.
Equity Lifestyle Properties reported its quarterly earnings on April 21, 2024, revealing earnings per share (EPS) of $0.83, matching analysts’ expectations. The company recorded a net margin of 23.99% and a return on equity of 21.99%. Revenue for the quarter amounted to $327.21 million, falling short of the expected $391.34 million. For the current year, analysts anticipate an EPS of $3.07.
Dividend Announcement and Company Overview
Equity Lifestyle Properties has also announced a quarterly dividend, which was paid on July 11, 2024. Shareholders of record on June 27, 2024, received a dividend of $0.515 per share, equating to an annualized dividend of $2.06 and a yield of 3.33%. The payout ratio is noted at 106.74%.
Equity Lifestyle Properties, Inc. specializes in the ownership and management of lifestyle-oriented properties, primarily focusing on manufactured home and recreational vehicle communities. The company operates through two main segments: Property Operations and Home Sales and Rentals Operations.
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