Camden Property Trust (NYSE:CPT) Updates Q3 2024 Earnings Guidance

Camden Property Trust (NYSE:CPT) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.660-1.700 for the period, compared to the consensus earnings per share estimate of 1.680. The company issued revenue guidance of -. Camden Property Trust also updated its FY 2024 guidance to 6.740-6.840 EPS.

Camden Property Trust Trading Up 2.7 %

Shares of NYSE:CPT traded up $3.13 during trading on Friday, reaching $118.20. 2,342,878 shares of the company traded hands, compared to its average volume of 835,443. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 28.97, a P/E/G ratio of 4.50 and a beta of 0.88. Camden Property Trust has a 52-week low of $82.81 and a 52-week high of $121.29. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.71. The business’s fifty day moving average is $108.92 and its 200-day moving average is $102.17.

Camden Property Trust (NYSE:CPT) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $1.67 by ($1.27). Camden Property Trust had a return on equity of 7.95% and a net margin of 25.64%. The business had revenue of $387.15 million during the quarter, compared to analysts’ expectations of $384.76 million. During the same period in the previous year, the business earned $1.70 EPS. As a group, analysts forecast that Camden Property Trust will post 6.73 EPS for the current year.

Camden Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 17th. Investors of record on Friday, June 28th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend was Friday, June 28th. Camden Property Trust’s payout ratio is 100.98%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CPT. Piper Sandler raised Camden Property Trust from an underweight rating to a neutral rating and raised their price target for the stock from $90.00 to $110.00 in a research note on Monday, May 6th. StockNews.com upgraded Camden Property Trust from a sell rating to a hold rating in a report on Tuesday, April 30th. Wedbush increased their price objective on Camden Property Trust from $110.00 to $118.00 and gave the stock an outperform rating in a report on Monday, May 6th. JPMorgan Chase & Co. increased their price objective on Camden Property Trust from $104.00 to $112.00 and gave the stock a neutral rating in a report on Monday, June 17th. Finally, UBS Group increased 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. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average target price 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.