Camden Property Trust (NYSE:CPT) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Camden Property Trust (NYSE:CPT) announced its quarterly earnings results on Thursday. The real estate investment trust reported $1.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.02, Bloomberg Earnings reports. The company had revenue of $222.40 million during the quarter, compared to analysts’ expectations of $222.44 million. Camden Property Trust had a return on equity of 13.94% and a net margin of 92.55%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.15 earnings per share. Camden Property Trust updated its Q3 guidance to $1.14-1.18 EPS and its FY17 guidance to $4.51-4.63 EPS.
Camden Property Trust (NYSE:CPT) traded down 0.95% during trading on Thursday, reaching $87.45. The company had a trading volume of 968,229 shares. Camden Property Trust has a one year low of $75.36 and a one year high of $90.83. The firm has a market capitalization of $7.66 billion, a P/E ratio of 9.76 and a beta of 0.37. The firm’s 50-day moving average price is $87.00 and its 200 day moving average price is $83.44.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 3.43%. The ex-dividend date was Wednesday, June 28th. Camden Property Trust’s payout ratio is 33.48%.
In related news, Director William F. Paulsen sold 2,227 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.18, for a total value of $194,149.86. Following the completion of the transaction, the director now owns 14,284 shares of the company’s stock, valued at $1,245,279.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.70% of the company’s stock.
Several brokerages have recently weighed in on CPT. KeyCorp upgraded Camden Property Trust from a “sector weight” rating to an “overweight” rating and set a $93.00 price target for the company in a research report on Tuesday, June 13th. They noted that the move was a valuation call. BidaskClub upgraded Camden Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Royal Bank Of Canada reiterated a “buy” rating and issued a $90.00 price target on shares of Camden Property Trust in a research report on Wednesday, March 29th. BMO Capital Markets upgraded Camden Property Trust from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $81.00 to $89.00 in a research report on Thursday, May 25th. They noted that the move was a valuation call. Finally, Evercore ISI lifted their price target on Camden Property Trust from $87.00 to $88.00 and gave the company an “in-line” rating in a research report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. Camden Property Trust currently has an average rating of “Hold” and an average target price of $88.43.
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About Camden Property Trust
Camden Property Trust is a real estate investment trust (REIT). The Company is engaged in the ownership, management, development, redevelopment, acquisition and construction of multifamily apartment communities. As of December 31, 2016, the Company owned interests in, operated, or were developing 159 multifamily properties, which consisted of 55,366 apartment homes across the United States.
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