Short Interest in Camden Property Trust (CPT) Decreases By 36.1%
Camden Property Trust (NYSE:CPT) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 1,155,145 shares, a drop of 36.1% from the October 31st total of 1,806,896 shares. Approximately 1.3% of the company’s shares are sold short. Based on an average trading volume of 625,328 shares, the days-to-cover ratio is currently 1.8 days.
CPT stock opened at $92.77 on Thursday. The stock has a market capitalization of $8.86 billion, a P/E ratio of 20.48, a P/E/G ratio of 3.01 and a beta of 0.36. Camden Property Trust has a 12 month low of $78.19 and a 12 month high of $95.67. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.66.
Camden Property Trust (NYSE:CPT) last posted its quarterly earnings results on Thursday, October 25th. The real estate investment trust reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.19 by ($0.79). The company had revenue of $241.77 million during the quarter, compared to analysts’ expectations of $238.79 million. Camden Property Trust had a return on equity of 5.94% and a net margin of 21.81%. On average, equities research analysts expect that Camden Property Trust will post 4.77 EPS for the current fiscal year.
In other news, insider Michael P. Gallagher sold 1,841 shares of the firm’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $94.38, for a total value of $173,753.58. Following the completion of the sale, the insider now owns 24,783 shares in the company, valued at approximately $2,339,019.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William B. Mcguire sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $92.60, for a total transaction of $202,794.00. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Redpoint Investment Management Pty Ltd purchased a new position in Camden Property Trust during the 2nd quarter valued at about $206,000. Robeco Institutional Asset Management B.V. increased its position in Camden Property Trust by 109.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,424 shares of the real estate investment trust’s stock valued at $227,000 after purchasing an additional 1,268 shares during the period. Mackenzie Financial Corp purchased a new position in Camden Property Trust during the 3rd quarter valued at about $234,000. First Hawaiian Bank purchased a new position in Camden Property Trust during the 3rd quarter valued at about $284,000. Finally, First Mercantile Trust Co. increased its position in Camden Property Trust by 31.7% during the 3rd quarter. First Mercantile Trust Co. now owns 3,253 shares of the real estate investment trust’s stock valued at $304,000 after purchasing an additional 783 shares during the period. 93.89% of the stock is currently owned by institutional investors.
Several equities research analysts have recently issued reports on CPT shares. Royal Bank of Canada raised their target price on shares of Camden Property Trust to $97.00 and gave the stock an “outperform” rating in a report on Tuesday, August 14th. SunTrust Banks raised their target price on shares of Camden Property Trust to $95.00 and gave the stock an “average” rating in a report on Tuesday, August 14th. They noted that the move was a valuation call. Barclays restated a “hold” rating and issued a $87.00 target price on shares of Camden Property Trust in a report on Sunday, October 14th. Citigroup raised their target price on shares of Camden Property Trust from $95.00 to $96.00 and gave the stock a “hold” rating in a report on Tuesday, October 30th. Finally, Wells Fargo & Co set a $99.00 target price on shares of Camden Property Trust and gave the stock a “hold” rating in a report on Tuesday, November 6th. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Camden Property Trust currently has a consensus rating of “Buy” and an average target price of $95.29.
About Camden Property Trust
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 159 properties containing 54,480 apartment homes across the United States.
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