Jefferies Begins Coverage of Camden Property Trust with a ‘Hold’ Rating

Analyst Projects Modest Price Increase Ahead

On October 11, 2024, Jefferies initiated coverage of Camden Property Trust (NYSE:CPT) with a Hold recommendation. As of September 25, 2024, the average one-year price target for Camden Property Trust stands at $128.68 per share. This figure ranges from a low of $109.08 to a high of $154.35, indicating a potential upside of 7.85% based on the latest closing price of $119.31 per share.

Check out our list of companies with the highest price target upside. The projected annual revenue for Camden Property Trust is estimated at $1,653 million, reflecting a growth of 6.07%. Additionally, the projected annual non-GAAP earnings per share (EPS) is anticipated to be $1.75.

Current Fund Sentiment toward CPT

A total of 1,190 funds or institutions have reported holdings in Camden Property Trust, marking an increase of 30 owners or 2.59% over the last quarter. The average portfolio allocation for all funds that invest in CPT has risen to 0.29%, which is an increase of 0.88%. In the past three months, institutional ownership increased by 2.84%, totaling 117,781,000 shares. The current put/call ratio for Camden Property Trust is 1.63, suggesting a bearish market sentiment.

Institutional Activity and Changes

Cohen & Steers holds 5,079,000 shares, which accounts for 4.76% of the company. Previously, the firm reported ownership of 5,975,000 shares, showing a decrease of 17.65% and a 5.58% reduction in its portfolio allocation in CPT over the last quarter.

In contrast, Victory Capital Management has increased its position, now holding 4,314,000 shares, or 4.05% of the company, up from 4,107,000 shares, representing a 4.79% increase despite a 23.48% decrease in their portfolio allocation.

Vanguard Real Estate Index Fund Investor Shares holds 4,284,000 shares, a decline of 1.80% from the previous 4,362,000 shares, indicating a decreased portfolio weight of 2.76%. Invesco’s stake has increased by 4.82%, now holding 3,946,000 shares, but has dramatically reduced their portfolio allocation by 89.90% this past quarter. Lastly, Norges Bank now owns 3,818,000 shares, an increase of 100% from holding none previously.

Company Overview: Camden Property Trust
(Details provided by Camden Property Trust)

Camden Property Trust, an S&P 400 Company, specializes in the ownership, management, and development of multifamily apartment communities. Currently, Camden operates 167 properties with 56,850 apartment homes throughout the U.S. Following the completion of seven additional properties under development, this portfolio will expand to 59,104 apartment homes across 174 properties. Camden has been recognized for 13 consecutive years by FORTUNE magazine as one of the 100 Best Companies to Work For®, recently ranking #18.

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