Camden Property Trust (NYSE:CPT) Releases FY24 Earnings Guidance

by · The Markets Daily

Camden Property Trust (NYSE:CPT – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $6.79-6.83 for the period, compared to the consensus estimate of $6.81. Camden Property Trust also updated its FY 2024 guidance to 6.790-6.830 EPS.

Camden Property Trust Stock Down 1.8 %

Shares of NYSE:CPT traded down $2.06 during midday trading on Friday, reaching $113.73. The company had a trading volume of 2,430,518 shares, compared to its average volume of 834,102. The business’s 50 day moving average price is $122.03 and its 200 day moving average price is $113.36. Camden Property Trust has a 1-year low of $85.30 and a 1-year high of $127.69. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.72. The stock has a market cap of $12.13 billion, a PE ratio of 35.99, a P/E/G ratio of 4.34 and a beta of 0.91.

Camden Property Trust (NYSE:CPT – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the consensus estimate of $1.67 by ($1.27). The company had revenue of $387.15 million for the quarter, compared to analyst estimates of $384.76 million. Camden Property Trust had a return on equity of 6.91% and a net margin of 22.32%. During the same period last year, the firm earned $1.70 EPS. Research analysts forecast that Camden Property Trust will post 6.78 EPS for the current fiscal year.

Camden Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 17th. Investors of record on Monday, September 30th were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $4.12 dividend on an annualized basis and a yield of 3.62%. Camden Property Trust’s payout ratio is 130.38%.

Analyst Upgrades and Downgrades

CPT has been the subject of a number of recent analyst reports. Royal Bank of Canada cut shares of Camden Property Trust from an “outperform” rating to a “sector perform” rating and set a $122.00 price target for the company. in a research note on Monday, September 9th. Scotiabank raised their target price on shares of Camden Property Trust from $125.00 to $132.00 and gave the company a “sector perform” rating in a research note on Monday, September 16th. Wedbush lifted their price target on Camden Property Trust from $118.00 to $131.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. BNP Paribas began coverage on Camden Property Trust in a research note on Wednesday, September 11th. They issued a “neutral” rating and a $129.00 price objective on the stock. Finally, Bank of America upgraded Camden Property Trust from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $111.00 to $147.00 in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $121.76.

View Our Latest Analysis on Camden Property Trust

About Camden Property Trust

(Get Free Report)

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 58,250 apartment homes across the United States.

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