Camden Property Trust Down 4.28% To $86.02 After Earnings

Camden Property Trust (CPT) said after close Thursday that it earned $1.73 per share in quarter three 2023.

On the revenue line, the company reported $390.8 million, missing estimates by $172 thousand.

In the same quarter a year ago, the company earned $1.7 per share on revenue of $373.8 million.

The stock is down 4.28% to $86.02 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Camden Property Trust a Bearish Sentiment Rank from InvestorsObserver.

Camden Property Trust has performed a little below average during the past few months. Before the report, Camden Property Trust received a Long-Term Technical Rank by InvestorsObserver of 26, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $89.34 on October 26, 2023 and set a 52-week high on February 2, 2023 at $127.6.

Camden Property Trust is a real estate investment trust primarily engaged in the acquisition, management, and development of multifamily apartment communities across the United States. The company's real estate portfolio consists primarily of apartment properties throughout the Sun Belt. Houston, Dallas, Las Vegas, and Atlanta represent some of Camden's largest housing markets in terms of apartment units. The firm derives nearly all of its revenue from the leasing of properties to tenants through short-term agreements. Camden Property derives the majority of its revenue from the Washington D.C., Los Angeles, Houston, Atlanta, and southeastern Florida areas.