Lazard Asset Management LLC Purchases 217,242 Shares of Camden Property Trust (CPT)
Lazard Asset Management LLC raised its position in Camden Property Trust (NYSE:CPT) by 75,170.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 217,531 shares of the real estate investment trust’s stock after acquiring an additional 217,242 shares during the quarter. Lazard Asset Management LLC owned approximately 0.25% of Camden Property Trust worth $18,601,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of CPT. First Trust Advisors LP lifted its holdings in Camden Property Trust by 271.4% in the first quarter. First Trust Advisors LP now owns 112,753 shares of the real estate investment trust’s stock valued at $9,072,000 after acquiring an additional 82,394 shares during the period. Suntrust Banks Inc. lifted its holdings in Camden Property Trust by 14.8% in the first quarter. Suntrust Banks Inc. now owns 3,753 shares of the real estate investment trust’s stock valued at $301,000 after acquiring an additional 484 shares during the period. World Asset Management Inc lifted its holdings in Camden Property Trust by 1.6% in the first quarter. World Asset Management Inc now owns 6,670 shares of the real estate investment trust’s stock valued at $537,000 after acquiring an additional 107 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in Camden Property Trust by 26.2% in the first quarter. UBS Asset Management Americas Inc. now owns 402,220 shares of the real estate investment trust’s stock valued at $32,363,000 after acquiring an additional 83,478 shares during the period. Finally, Karp Capital Management Corp bought a new position in Camden Property Trust in the first quarter valued at about $1,217,000. 95.47% of the stock is currently owned by institutional investors.
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A number of brokerages have commented on CPT. Royal Bank Of Canada restated a “buy” rating and issued a $91.00 price target on shares of Camden Property Trust in a research report on Sunday, July 16th. Barclays PLC upped their price target on Camden Property Trust from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 18th. UBS AG restated a “sell” rating and issued a $86.00 price target (up previously from $80.00) on shares of Camden Property Trust in a research report on Thursday, September 14th. BMO Capital Markets upgraded Camden Property Trust from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $81.00 to $89.00 in a research report on Thursday, May 25th. They noted that the move was a valuation call. Finally, KeyCorp upgraded Camden Property Trust from a “sector weight” rating to an “overweight” rating and set a $93.00 price target for the company in a research report on Tuesday, June 13th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $91.07.
In related news, EVP William W. Sengelmann sold 5,085 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $90.15, for a total value of $458,412.75. Following the completion of the transaction, the executive vice president now owns 71,836 shares of the company’s stock, valued at approximately $6,476,015.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President D Keith Oden sold 86,540 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $89.43, for a total value of $7,739,272.20. The disclosure for this sale can be found here. Insiders sold a total of 118,584 shares of company stock valued at $10,618,035 in the last ninety days. 4.70% of the stock is currently owned by insiders.
Shares of Camden Property Trust (NYSE CPT) opened at 93.43 on Friday. Camden Property Trust has a 52-week low of $75.36 and a 52-week high of $96.39. The company’s 50 day moving average price is $90.94 and its 200 day moving average price is $85.62. The stock has a market cap of $8.19 billion, a PE ratio of 20.90 and a beta of 0.38.
Camden Property Trust (NYSE:CPT) last issued its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $1.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.02. The business had revenue of $222.40 million during the quarter, compared to analysts’ expectations of $222.44 million. Camden Property Trust had a return on equity of 13.17% and a net margin of 46.10%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.15 EPS. On average, analysts anticipate that Camden Property Trust will post $1.73 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Friday, September 29th will be issued a $0.75 dividend. The ex-dividend date is Thursday, September 28th. This represents a $3.00 dividend on an annualized basis and a yield of 3.21%. Camden Property Trust’s payout ratio is 67.11%.
About Camden Property Trust
Camden Property Trust is a real estate investment trust (REIT). The Company is engaged in the ownership, management, development, redevelopment, acquisition and construction of multifamily apartment communities. As of December 31, 2016, the Company owned interests in, operated, or were developing 159 multifamily properties, which consisted of 55,366 apartment homes across the United States.
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