Camden Property Trust (NYSE:CPT – Get Rating) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 1,750,000 shares, an increase of 19.0% from the September 30th total of 1,470,000 shares. Based on an average daily trading volume, of 850,400 shares, the days-to-cover ratio is currently 2.1 days.
Camden Property Trust Stock Performance
CPT traded up $0.08 during trading on Friday, hitting $114.98. 1,126,612 shares of the stock were exchanged, compared to its average volume of 931,895. The firm has a market capitalization of $12.25 billion, a P/E ratio of 15.15, a PEG ratio of 3.11 and a beta of 0.77. Camden Property Trust has a 1-year low of $109.66 and a 1-year high of $180.37. The stock has a fifty day moving average price of $123.17 and a two-hundred day moving average price of $135.73. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.72.
Camden Property Trust Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, October 17th. Shareholders of record on Friday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Thursday, September 29th. Camden Property Trust’s dividend payout ratio (DPR) is 49.54%.
Wall Street Analyst Weigh In
A number of analysts have issued reports on CPT shares. Citigroup raised their target price on Camden Property Trust to $150.00 in a research note on Tuesday, August 9th. Truist Financial increased their price target on Camden Property Trust from $149.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Capital One Financial reiterated an “overweight” rating on shares of Camden Property Trust in a report on Thursday, August 18th. Stifel Nicolaus lowered their target price on Camden Property Trust from $175.00 to $152.00 in a report on Friday, October 7th. Finally, Mizuho lowered their target price on Camden Property Trust from $142.00 to $136.00 and set a “neutral” rating for the company in a report on Monday, September 19th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $155.54.
Insider Transactions at Camden Property Trust
In related news, Director Kelvin R. Westbrook sold 1,820 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $130.77, for a total value of $238,001.40. Following the completion of the transaction, the director now directly owns 24,932 shares of the company’s stock, valued at approximately $3,260,357.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of CPT. Cohen & Steers Inc. purchased a new position in shares of Camden Property Trust in the 1st quarter valued at approximately $1,220,455,000. Daiwa Securities Group Inc. grew its stake in shares of Camden Property Trust by 2,916.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 1,130,502 shares of the real estate investment trust’s stock valued at $187,889,000 after purchasing an additional 1,093,029 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Camden Property Trust by 20.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,430,064 shares of the real estate investment trust’s stock valued at $595,754,000 after purchasing an additional 762,939 shares during the last quarter. State Street Corp grew its stake in shares of Camden Property Trust by 12.5% in the 2nd quarter. State Street Corp now owns 6,825,189 shares of the real estate investment trust’s stock valued at $924,069,000 after purchasing an additional 758,674 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Camden Property Trust by 384.2% in the 1st quarter. Renaissance Technologies LLC now owns 587,800 shares of the real estate investment trust’s stock valued at $97,692,000 after purchasing an additional 466,400 shares during the last quarter. 94.08% of the stock is currently owned by hedge funds and other institutional investors.
About Camden Property Trust
Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States.
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