Barclays Reiterates a Buy Rating on Camden Property Trust

By Austin Angelo

In a report issued on November 11, Ross L Smotrich from Barclays reiterated a Buy rating on Camden Property Trust (NYSE: CPT), with a price target of $89. The company’s shares closed last Friday at $77.41.

L Smotrich said:

“We are updating our model for 3Q16 earnings and providing key takeaways from the subsequent call. Reported FFO in 3Q16 ($1.13, -1.0% YoY) was $0.03 above our estimate, driven primarily by i) lower OpEx, ii) the timing of dispositions, and iii) lower G&A. Notably, CPT now expects to receive several prior year property tax appeals in 4Q16 – which will result in near-flat OpEx YoY in 4Q16. To wit, CPT raised the midpoint of its 2016 FFO guidance by +$0.08 (+1.6%) to $4.63/share.”

According to TipRanks.com, Smotrich is a 5-star analyst with an average return of 8.7% and a 65.5% success rate. Smotrich covers the Financial sector, focusing on stocks such as Pennsylvania Real Estate Investment, Newcastle Investment Corp., and General Growth Properties.

Camden Property Trust has an analyst consensus of Hold, with a price target consensus of $84.50.

The company has a one year high of $87.73 and a one year low of $64.01. Currently, Camden Property Trust has an average volume of 682.8K.

Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock. Earlier this month, William B. McGuire, a Director at CPT sold 2,124 shares for a total of $173,658.

Camden Property Trust operates as a real estate investment trust, which engages in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. It focuses on maintaining a geographically diverse portfolio of apartment homes located across the U.S. The company was founded by Richard J. Campo and D. Keith Oden on May 25, 1993 and is headquartered in Houston, TX.