New York State Common Retirement Fund Trims Investment in Camden Property Trust
Date: August 2, 2023
New York State Common Retirement Fund recently disclosed the reduction of its stake in Camden Property Trust (CPT), a prominent real estate investment trust (REIT). According to the Securities and Exchange Commission (SEC) filing, the fund sold 2.7% of its shares in CPT during the first quarter of this year. The move has garnered attention from industry experts and analysts alike.
Changes in New York State Common Retirement Fund’s Ownership:
Following the sale of 2,735 shares, New York State Common Retirement Fund now holds a total of 97,915 shares in Camden Property Trust. This adjustment translates to approximately $10,265,000 worth of holdings as per their most recent SEC filing. Although the fund decreased its stake by a small margin, it still retains ownership equivalent to 0.09% of the company.
Quarterly Dividend Payments:
Camden Property Trust also announced its quarterly dividend payment schedule recently. Shareholders recorded as of June 30th were paid a dividend amounting to $1.00 per share on July 17th. This quarterly dividend is expected to reach an annualized payout ratio of $4.00 per share and offers shareholders an attractive dividend yield of 3.69%. The ex-dividend date for this payment was on June 29th.
Analyst Reports on Camden Property Trust:
Several analysts have scrutinized Camden Property Trust recently and presented their insights through various reports. Notably, Mizuho analyst lowered their price target for CPT from $132.00 to $120.00 on May 19th while Wolfe Research downgraded the company’s rating from “outperform” to “peer perform” on May 15th.
On the other hand, BMO Capital Markets upgraded CPT’s rating from “market perform” to “outperform” on July 18th, subsequently raising their target price from $125.00 to $126.00. In alignment with this positive sentiment, Piper Sandler increased their price objective for Camden Property Trust from $117.00 to $124.00 on May 1st.
However, The Goldman Sachs Group reported a reduction in the target price for CPT from $134.00 to $120.00 and classified the stock as “neutral” on April 19th.
Analyst Consensus on Camden Property Trust:
Considering the varied analyst perspectives, investment firm Bloomberg reports that CPT holds a consensus rating of “Hold.” Additionally, analysts have established a consensus price target of $128.13 per share for the company’s stock.
The recent reduction in New York State Common Retirement Fund’s stake in Camden Property Trust has sparked curiosity among market observers. The fund now owns less than before but still maintains a notable holding in the real estate investment trust. Meanwhile, analysts’ opinions offer differing viewpoints regarding CPT’s performance and outlook.
Investors and stakeholders eager for valuable insights will closely monitor information about this intriguing development concerning Camden Property Trust and its future endeavors within the REIT sector.
Institutional Investors Show Interest in Camden Property Trust as CEO Makes Personal Stock Sale
Camden Property Trust, a real estate investment trust (REIT), has caught the attention of several institutional investors and hedge funds recently. This surge of interest in the company’s stock has led to both additions and reductions in stakes by these investors.
One such investor, Waters Parkerson & CO. LLC, increased its stake in Camden Property Trust by 0.7% during the first quarter. The firm now owns 14,374 shares of the REIT’s stock, valued at $1,507,000 after purchasing an additional 100 shares during the last quarter. Davidson Investment Advisors also joined the fray by boosting its holdings in Camden Property Trust by an impressive 66.2% during the same period. As a result, they now own 134,848 shares worth $14,137,000.
Daiwa Securities Group Inc., another institutional investor, decided to raise its stake by 16.5% during this time frame as well. Currently, the firm holds 2,445,215 shares valued at $256,356,000 after acquiring an additional 346,941 shares in the last quarter.
Victory Capital Management Inc., on the other hand, took a more conservative approach by increasing its holdings in Camden Property Trust by 8.3%. They now possess approximately 2.7 million shares worth $283,542 ,000.
Nisa Investment Advisors LLC followed suit and raised its stake in Camden Property Trust by a modest 4.3%, bringing their total holdings to 74k+ shares valued at $7 ,786 ,000.
It is noteworthy that hedge funds and other institutional investors collectively own a staggering 94.42% of Camden Property Trust’s stock.
In separate news related to the company’s executives, CEO Richard J. Campo recently sold off some of his personal shares as he divested himself of 5 ,337 units in a transaction dated Friday , May 5th. The average price per share was recorded at $110.35, resulting in a total transaction value of $588 ,937 .95. Following the sale, Campo still retains approximately 246k shares in the company with an estimated value of $27 ,234,269 .65. These details were disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. It is interesting to note that insiders currently own 2% of the company’s stock.
As for its financial performance, Camden Property Trust opened trading at $108.42 on Wednesday. The company’s fifty-day simple moving average is currently at $109.61, while its 200-day simple moving average sits at $110 .66 This indicates relatively stable stock movement over recent periods.
The business has a quick ratio and current ratio of 0.16 each, highlighting its liquidity levels. Additionally, it maintains a debt-to-equity ratio of 0 .75 which suggests a prudent approach to managing debt.
Camden Property Trust has a market capitalization of around $11.57 billion and carries a price-to-earnings (P/E) ratio of 19.29 along with a rather high price/earnings growth (PEG) ratio of 5 .77 . It is worth noting that the beta figure for the company stands at 0 .79 , indicating lower volatility compared to the overall market.
Over the past year, Camden Property Trust has seen its stock reach highs of $147 .71 and lows of $97 .74 .
As August 2nd marks an important reference date for these developments, investors will be closely monitoring any further updates regarding institutional investments as well as the performance and strategic decisions made by CEO Richard J.Campo.