Camden Property Trust (NYSE:CPT) Updates Q2 Earnings Guidance

Camden Property Trust (NYSE:CPT) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.65-1.69 for the period, compared to the consensus estimate of $1.67. Camden Property Trust also updated its FY24 guidance to $6.62-6.86 EPS.

Camden Property Trust Trading Up 2.0 %

CPT traded up $1.98 on Thursday, hitting $100.53. The company had a trading volume of 1,165,878 shares, compared to its average volume of 1,098,593. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.74. The firm has a market cap of $10.94 billion, a P/E ratio of 26.64, a PEG ratio of 3.74 and a beta of 0.82. The company’s fifty day moving average price is $97.57 and its 200 day moving average price is $95.23. Camden Property Trust has a 1 year low of $82.81 and a 1 year high of $114.04.

Camden Property Trust (NYSE:CPT) last issued its quarterly earnings results on Friday, February 2nd. The real estate investment trust reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.31. Camden Property Trust had a net margin of 26.15% and a return on equity of 8.07%. The business had revenue of $387.59 million for the quarter, compared to analysts’ expectations of $387.33 million. During the same quarter in the prior year, the company earned $1.74 earnings per share. The business’s quarterly revenue was up 3.1% on a year-over-year basis. As a group, equities analysts expect that Camden Property Trust will post 6.72 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Piper Sandler reaffirmed an underweight rating and issued a $90.00 target price on shares of Camden Property Trust in a research report on Tuesday, March 26th. Barclays downgraded shares of Camden Property Trust from an overweight rating to an equal weight rating and cut their price target for the company from $138.00 to $100.00 in a report on Tuesday, February 20th. StockNews.com raised shares of Camden Property Trust from a sell rating to a hold rating in a report on Tuesday. Truist Financial increased their target price on shares of Camden Property Trust from $113.00 to $114.00 and gave the company a buy rating in a report on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Camden Property Trust in a report on Tuesday, January 30th. They set a hold rating and a $90.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Camden Property Trust presently has an average rating of Hold and a consensus price target of $104.29.

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.