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

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

Camden Property Trust Price Performance

CPT traded down $2.06 during trading on Friday, hitting $113.73. 2,430,518 shares of the company traded hands, compared to its average volume of 834,102. The company 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 has a 1 year low of $85.30 and a 1 year high of $127.69. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.72. The stock’s 50-day simple moving average is $122.03 and its two-hundred day simple moving average is $113.36.

Camden Property Trust (NYSE:CPT) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.67 by ($1.27). Camden Property Trust had a return on equity of 6.91% and a net margin of 22.32%. The firm had revenue of $387.15 million during the quarter, compared to the consensus estimate of $384.76 million. During the same period last year, the firm posted $1.70 earnings per share. As a group, sell-side analysts anticipate that Camden Property Trust will post 6.78 earnings per share for the current fiscal year.

Camden Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 17th. Stockholders 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 annualized dividend and a dividend yield of 3.62%. Camden Property Trust’s dividend payout ratio (DPR) is 130.38%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. UBS Group upped their price objective on Camden Property Trust from $109.00 to $117.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. upped their price objective on Camden Property Trust from $112.00 to $129.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Truist Financial increased their price target on shares of Camden Property Trust from $122.00 to $133.00 and gave the company a “buy” rating in a report on Monday, August 26th. The Goldman Sachs Group began coverage on Camden Property Trust in a research report on Wednesday, September 4th. They set a “neutral” rating and a $139.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on Camden Property Trust in a report on Friday, October 11th. They issued a “hold” rating and a $123.00 target price for the company. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $121.76.

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 58,250 apartment homes across the United States.