Wells Fargo & Company Upgrades Equity LifeStyle Properties (NYSE:ELS) to “Overweight”

Equity LifeStyle Properties (NYSE:ELS) was upgraded by equities researchers at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued on Thursday, MarketBeat reports. The firm presently has a $82.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $70.50. Wells Fargo & Company‘s target price points to a potential upside of 14.19% from the company’s current price.

A number of other research firms have also issued reports on ELS. Truist Financial raised their price target on shares of Equity LifeStyle Properties from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, July 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $68.00 price target on shares of Equity LifeStyle Properties in a research report on Wednesday, July 24th. Finally, Evercore ISI raised their price target on shares of Equity LifeStyle Properties from $73.00 to $76.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $70.67.

Equity LifeStyle Properties Stock Performance

Shares of Equity LifeStyle Properties stock opened at $71.81 on Thursday. The firm has a market capitalization of $13.39 billion, a P/E ratio of 39.24, a PEG ratio of 4.32 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 0.34. The company has a 50 day moving average price of $70.95 and a 200 day moving average price of $66.05. Equity LifeStyle Properties has a 52 week low of $59.82 and a 52 week high of $76.60.

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

Insider Transactions at Equity LifeStyle Properties

In other news, COO Patrick Waite sold 20,820 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $70.23, for a total transaction of $1,462,188.60. Following the sale, the chief operating officer now owns 221,777 shares of the company’s stock, valued at approximately $15,575,398.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Patrick Waite sold 20,820 shares of Equity LifeStyle Properties stock in a transaction on Friday, August 16th. The shares were sold at an average price of $70.23, for a total value of $1,462,188.60. Following the sale, the chief operating officer now owns 221,777 shares of the company’s stock, valued at approximately $15,575,398.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Paul Seavey sold 31,988 shares of Equity LifeStyle Properties stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $74.83, for a total transaction of $2,393,662.04. Following the completion of the sale, the chief financial officer now directly owns 148,463 shares in the company, valued at approximately $11,109,486.29. The disclosure for this sale can be found here. Insiders have sold 85,808 shares of company stock valued at $6,348,011 in the last 90 days. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Equity LifeStyle Properties

A number of institutional investors have recently added to or reduced their stakes in the stock. Johnson Investment Counsel Inc. grew its stake in Equity LifeStyle Properties by 0.6% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 26,792 shares of the real estate investment trust’s stock valued at $1,745,000 after acquiring an additional 152 shares during the period. Toronto Dominion Bank boosted its stake in Equity LifeStyle Properties by 0.9% during the 2nd quarter. Toronto Dominion Bank now owns 16,974 shares of the real estate investment trust’s stock worth $1,106,000 after purchasing an additional 154 shares during the last quarter. Wellington Management Group LLP boosted its stake in Equity LifeStyle Properties by 0.3% during the 4th quarter. Wellington Management Group LLP now owns 59,874 shares of the real estate investment trust’s stock worth $4,224,000 after purchasing an additional 155 shares during the last quarter. LRI Investments LLC boosted its stake in Equity LifeStyle Properties by 8.7% during the 2nd quarter. LRI Investments LLC now owns 2,132 shares of the real estate investment trust’s stock worth $139,000 after purchasing an additional 171 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in Equity LifeStyle Properties by 4.7% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 3,920 shares of the real estate investment trust’s stock worth $277,000 after purchasing an additional 177 shares during the last quarter. Institutional investors and hedge funds own 97.21% of the company’s stock.

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.