Camden Property Trust (NYSE:CPT) Posts Quarterly Earnings Results, Misses Estimates By $1.27 EPS

Camden Property Trust (NYSE:CPT) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.67 by ($1.27), Zacks reports. The firm had revenue of $387.15 million during the quarter, compared to the consensus estimate of $384.76 million. Camden Property Trust had a net margin of 25.64% and a return on equity of 7.95%. During the same quarter last year, the firm posted $1.70 earnings per share. Camden Property Trust updated its FY 2024 guidance to 6.740-6.840 EPS and its Q3 2024 guidance to 1.660-1.700 EPS.

Camden Property Trust Price Performance

Shares of CPT traded up $3.13 during trading hours on Friday, hitting $118.20. 2,342,878 shares of the company were exchanged, compared to its average volume of 835,443. The firm has a fifty day simple moving average of $108.92 and a 200-day simple moving average of $102.12. The company has a market capitalization of $12.59 billion, a PE ratio of 28.97, a PEG ratio of 4.50 and a beta of 0.88. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.43 and a quick ratio of 0.43. Camden Property Trust has a one year low of $82.81 and a one year high of $121.29.

Camden Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 17th. Stockholders of record on Friday, June 28th were given a dividend of $1.03 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.49%. Camden Property Trust’s dividend payout ratio (DPR) is presently 100.98%.

Wall Street Analyst Weigh In

Several research firms have recently commented on CPT. UBS Group upped their target price on Camden Property Trust from $109.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Wells Fargo & Company raised their target price on Camden Property Trust from $92.00 to $104.00 and gave the company an “underweight” rating in a research note on Friday, May 31st. Truist Financial upped their price target on shares of Camden Property Trust from $114.00 to $122.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Wedbush boosted their target price on shares of Camden Property Trust from $110.00 to $118.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. Finally, Mizuho cut their price target on Camden Property Trust from $111.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Camden Property Trust presently has a consensus rating of “Hold” and an average price target of $107.75.

About Camden Property Trust

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 172 properties containing 58,634 apartment homes across the United States.