ELS Gets Boost in Latest Wall Street Reports

May 21, 2013 by   - () 1 Comment

Wall Street reiterates support

Equity Lifestyle Properties Inc.’ (ELS) stock had its “market perform” rating restated by analysts at BMO Capital Markets in a research report issued to clients and investors on Monday (May 20), Stock Ratings reports. They currently have a $85.00 price target on the stock, up from their previous price target of $74.00.

Chicago-based ELS is the nation’s largest owner and operator of RV parks and manufactured housing communities.

The analysts wrote, “ELS beat our 1Q estimate by $0.05, owing to better-than-expected used home sales revenues and ancillary services. A greater focus on home sales resulted in a 15% year-over-year increase in used home sales, while purchases of new homes remain sluggish. In recent quarters, ELS has been (somewhat reluctantly it seems) increasing its efforts to rent homes left vacant by tightened financing. However, management is shifting resources back to its ownership campaign, as it prefers the traditional site rental model rather (than) owning homes for rent.

“Underscoring its focus on home ownership, ELS announced a partnership with Cavco Industries Inc., a leading builder of manufactured homes, to provide financing for new homes, which buyers may still find difficult to obtain through traditional lending platforms. With limited deal activity in ELS’s targeted age-restricted communities, we welcome all efforts to boost long-term cash flows by adding homeowners.”

ELS has been the subject of a number of other recent research reports. Analysts at TheStreet upgraded shares of Equity Lifestyle Properties from a “hold” rating to a “buy” rating in a research note to investors on May 8.

Separately, analysts at Imperial Capital initiated coverage on shares of Equity Lifestyle Properties in a research note to investors on April 17. They set an “outperform” rating and a $86 price target on the stock.

Finally, analysts at Cantor Fitzgerald downgraded shares of Equity Lifestyle Properties from a “buy” rating to a “hold” rating in a research note to investors on April 12. They now have a $75.50 price target on the stock.

Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $64.63.

Shares of Equity Lifestyle Properties traded down 0.28% during mid-day trading on Monday, hitting $84.44. Equity Lifestyle Properties has a one year low of $63.18 and a one year high of $84.71. The stock’s 50-day moving average is currently $80.98. The company has a market cap of $3.518 billion and a P/E ratio of 45.62.

ELS last released its earnings data on April 23. The company reported $1.41 earnings per share for the quarter, beating the Thomson Reuters consensus estimate of $1.39 by $0.02. The company had revenue of $190.59 million for the quarter, compared to the consensus estimate of $177.42 million. During the same quarter in the prior year, the company posted $1.29 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Analysts expect that Equity Lifestyle Properties will post $5.08 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for July 12. Shareholders of record on June 28 will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is June 26.




One Response to “ELS Gets Boost in Latest Wall Street Reports”

  1. Pam Bournival on June 3rd, 2013 2:54 pm

    ELS beat the better- than – expected QTR 1 estimate because they continue to withhold needed maintenance and capital expenditures in their communities. Qtr 1 income rose much more than Qtr 1 expenses compared to last year. Go visit the communities instead of just looking at numbers.