New York Life Investment Management LLC Boosts Stake in Equity LifeStyle Properties, Inc. (NYSE:ELS)

New York Life Investment Management LLC Increases Stake in Equity LifeStyle Properties

New York Life Investment Management LLC has significantly increased its stake in Equity LifeStyle Properties, Inc. (NYSE:ELS) during the fourth quarter, according to the company’s recent 13F filing with the SEC. The fund now owns 48,556 shares of the real estate investment trust’s stock, representing a 108.1% increase from the previous quarter. The value of New York Life Investment Management LLC’s holdings in Equity LifeStyle Properties is now estimated at $3,425,000.

This surge in stake comes amidst a trend of other hedge funds also buying and selling shares of Equity LifeStyle Properties. Livforsakringsbolaget Skandia Omsesidigt, for example, purchased a new stake in the company during the fourth quarter, while Headlands Technologies LLC and Lindbrook Capital LLC raised their positions in the stock. GAMMA Investing LLC and Anchor Investment Management LLC also acquired new stakes in Equity LifeStyle Properties. Overall, hedge funds and other institutional investors now own 97.21% of the company’s stock.

Equity LifeStyle Properties Stock Performance

Despite recent fluctuations in the market, Equity LifeStyle Properties stock saw a modest increase of 0.3% on Friday, trading at $63.33 per share. The company’s market cap is currently valued at $11.81 billion, with a PE ratio of 34.61 and a beta of 0.70. The stock’s 50-day simple moving average is $63.91, while its 200-day simple moving average is $66.94. Equity LifeStyle Properties has a 52-week low of $59.82 and a 52-week high of $74.04.

Dividend Announcement

Equity LifeStyle Properties recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will receive a dividend of $0.477 per share. The ex-dividend date is also set for Friday, June 28th. This dividend represents an annualized payout of $1.91 per share and a dividend yield of 3.01%. The company’s dividend payout ratio is currently at 104.37%.

Analyst Ratings and Recommendations

Several equities research analysts have provided their insights on Equity LifeStyle Properties in recent months. Wolfe Research upgraded the company from a “peer perform” rating to an “outperform” rating, with a price target of $75.00. Deutsche Bank Aktiengesellschaft initiated coverage on Equity LifeStyle Properties with a “hold” rating and a $64.00 price target. Royal Bank of Canada and Barclays also issued ratings on the stock, with price targets ranging from $70.00 to $72.00.

Overall, seven analysts have rated Equity LifeStyle Properties as a hold, while two have given it a buy rating. The average target price for the stock is currently $68.85, according to data from MarketBeat.

In conclusion, New York Life Investment Management LLC’s increased stake in Equity LifeStyle Properties reflects a growing interest in the real estate investment trust among institutional investors. With positive stock performance and a steady dividend payout, the company continues to attract attention from analysts and investors alike.