Camden Property Trust (NYSE:CPT) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• Camden beat earnings expectations: Quarterly EPS/FFO was $1.71 per share, above the $1.69 consensus and up from $1.70 a year earlier. The company cited improving leasing trends and lower property expenses.
• Revenue fell short: Revenue of $381.06 million missed analysts’ $384.88 million estimate and declined 3.7% year over year; reports also noted weakness in same-property NOI.
• Camden forecast fourth-quarter core FFO of $1.63–$1.67 per share. Analysts’ consensus rating was “Hold,” with an average price target of $111.62.

Camden Property Trust (NYSE:CPT - Get Free Report) issued its earnings results on Thursday. The real estate investment trust reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.69 by $0.02, Zacks reports. The business had revenue of $381.06 million during the quarter, compared to analysts' expectations of $384.88 million. Camden Property Trust had a return on equity of 26.99% and a net margin of 71.94%. Camden Property Trust's quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.70 EPS.

Camden Property Trust Price Performance

NYSE:CPT traded down $3.88 during mid-day trading on Friday, reaching $99.83. 1,702,748 shares of the company were exchanged, compared to its average volume of 860,349. Camden Property Trust has a 12 month low of $95.30 and a 12 month high of $119.81. The company has a fifty day moving average of $100.55 and a 200 day moving average of $105.83. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 1.25. The stock has a market cap of $10.04 billion, a PE ratio of 14.52, a PEG ratio of 7.39 and a beta of 0.75.

Camden Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Wednesday, September 30th were given a dividend of $1.06 per share. The ex-dividend date was Wednesday, September 30th. This represents a $4.24 annualized dividend and a yield of 4.2%. Camden Property Trust's dividend payout ratio is 140.40%.

Trending Headlines about Camden Property Trust

Here are the key news stories impacting Camden Property Trust this week:

• Positive Sentiment: Q3 funds from operations (FFO) were $1.71 per share, topping the $1.69 consensus and rising from $1.70 a year earlier. The company also cited improving leasing trends and lower property expenses. Camden Property's Q3 FFO Beats Estimates as Leasing Trends Improve
• Neutral Sentiment: Camden forecast Q4 core FFO of $1.63–$1.67 per share; the available report did not provide a comparable analyst estimate to gauge whether the outlook is above or below expectations. Camden Property Trust Q4 Core FFO Guidance
• Negative Sentiment: Revenue was $381.06 million, below analysts’ $384.88 million estimate and down 3.7% year over year. Reports also flagged weakness in same-property NOI, tempering the FFO beat and raising concerns about operating momentum. Camden Property Q3 FFO Higher, Revenue Lower; Issues Guidance

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Wells Fargo & Company cut their price objective on Camden Property Trust from $110.00 to $103.00 and set an "equal weight" rating for the company in a report on Monday, October 19th. UBS Group lowered their target price on shares of Camden Property Trust from $105.00 to $101.00 and set a "neutral" rating on the stock in a report on Wednesday, October 14th. Scotiabank dropped their target price on shares of Camden Property Trust from $109.00 to $102.00 and set a "sector underperform" rating for the company in a research report on Thursday, September 17th. Jefferies Financial Group upgraded shares of Camden Property Trust to a "hold" rating in a research report on Wednesday, July 22nd. Finally, Morgan Stanley cut their price target on shares of Camden Property Trust from $120.00 to $118.00 and set an "equal weight" rating for the company in a report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $111.62.

Camden Property Trust Company Profile

Camden Property Trust NYSE: CPT is a real estate investment trust that owns, develops, acquires, and manages multifamily apartment communities. The company provides rental housing to individuals and families through a portfolio of communities offering a range of apartment layouts, amenities, and resident services.

Camden focuses primarily on high-growth markets in the Sun Belt, including metropolitan areas in Texas, Arizona, Colorado, Florida, Georgia, North Carolina, and Tennessee. Its communities are generally located in major urban and suburban markets and are managed through the company's in-house property management platform.

Founded in 1993 and headquartered in Houston, Texas, Camden Property Trust has expanded through apartment development, acquisitions, and ongoing property renovations.

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