Camden Property Trust (NYSE:CPT) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Camden Property Trust (NYSE:CPT) announced its quarterly earnings data on Thursday. The real estate investment trust reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.02, Zacks reports. Camden Property Trust had a net margin of 71.94% and a return on equity of 26.99%. The firm had revenue of $381.06 million during the quarter, compared to analyst estimates of $384.88 million. During the same quarter in the prior year, the firm posted $1.70 earnings per share. Camden Property Trust’s quarterly revenue was down 3.7% on a year-over-year basis.

Camden Property Trust Stock Down 3.7%

CPT stock opened at $99.83 on Friday. The company’s 50 day moving average price is $100.55 and its 200 day moving average price is $105.83. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.18 and a current ratio of 0.18. Camden Property Trust has a fifty-two week low of $95.30 and a fifty-two week high of $119.81. The firm has a market capitalization of $10.04 billion, a price-to-earnings ratio of 9.30, a PEG ratio of 7.39 and a beta of 0.75.

Camden Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Wednesday, September 30th were given a dividend of $1.06 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $4.24 dividend on an annualized basis and a dividend yield of 4.2%. Camden Property Trust’s payout ratio is currently 140.40%.

Key Headlines Impacting Camden Property Trust

Here are the key news stories impacting Camden Property Trust this week:

• Positive Sentiment: Q3 funds from operations (FFO) were $1.71 per share, topping the $1.69 consensus and rising from $1.70 a year earlier. The company also cited improving leasing trends and lower property expenses. Camden Property’s Q3 FFO Beats Estimates as Leasing Trends Improve
• Neutral Sentiment: Camden forecast Q4 core FFO of $1.63–$1.67 per share; the available report did not provide a comparable analyst estimate to gauge whether the outlook is above or below expectations. Camden Property Trust Q4 Core FFO Guidance
• Negative Sentiment: Revenue was $381.06 million, below analysts’ $384.88 million estimate and down 3.7% year over year. Reports also flagged weakness in same-property NOI, tempering the FFO beat and raising concerns about operating momentum. Camden Property Q3 FFO Higher, Revenue Lower; Issues Guidance

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CPT. Weiss Ratings cut Camden Property Trust from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 2nd. Scotiabank lowered their target price on Camden Property Trust from $109.00 to $102.00 and set a “sector underperform” rating for the company in a report on Thursday, September 17th. Royal Bank Of Canada dropped their target price on Camden Property Trust from $111.00 to $101.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $114.00 price target on shares of Camden Property Trust in a research report on Monday, July 20th. Finally, Wells Fargo & Company dropped their price objective on shares of Camden Property Trust from $110.00 to $103.00 and set an “equal weight” rating for the company in a report on Monday, October 19th. Three investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $111.62.

About Camden Property Trust

Camden Property Trust is a real estate investment trust that owns, develops, acquires and manages apartment communities. Its residential properties serve renters in markets across the United States, with a focus on major metropolitan areas.

Founded in 1982 and headquartered in Houston, Texas, Camden has grown into a multifamily housing operator. Its services include leasing apartments and managing the day-to-day operations of its communities.