CBL & Associates Properties (CBL) Bonds Trading 1.1% Lower

An issue of CBL & Associates Properties, Inc. (NYSE:CBL) debt fell 1.1% as a percentage of its face value during trading on Wednesday. The debt issue has a 5.95% coupon and will mature on December 15, 2026. The bonds in the issue are now trading at $76.78 and were trading at $76.50 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.

Several analysts have commented on CBL shares. JPMorgan Chase & Co. lowered shares of CBL & Associates Properties from a “neutral” rating to an “underweight” rating in a report on Wednesday, December 19th. Mizuho set a $2.00 price objective on shares of CBL & Associates Properties and gave the stock a “sell” rating in a report on Sunday, December 16th. Stifel Nicolaus restated a “neutral” rating on shares of CBL & Associates Properties in a report on Monday, February 11th. Zacks Investment Research upgraded shares of CBL & Associates Properties from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Finally, ValuEngine upgraded shares of CBL & Associates Properties from a “strong sell” rating to a “sell” rating in a report on Monday, February 4th. Seven equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. CBL & Associates Properties has a consensus rating of “Sell” and a consensus price target of $3.29.

Shares of NYSE CBL traded up $0.01 on Wednesday, reaching $1.91. 5,977,360 shares of the company’s stock traded hands, compared to its average volume of 2,935,914. CBL & Associates Properties, Inc. has a 12 month low of $1.78 and a 12 month high of $6.26. The company has a market capitalization of $326.11 million, a price-to-earnings ratio of 1.10, a P/E/G ratio of -0.32 and a beta of 1.46.

CBL & Associates Properties (NYSE:CBL) last announced its earnings results on Thursday, February 7th. The real estate investment trust reported $0.45 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.45. CBL & Associates Properties had a negative net margin of 9.33% and a negative return on equity of 6.84%. The business had revenue of $216.90 million during the quarter, compared to the consensus estimate of $216.50 million. During the same quarter last year, the firm earned $0.56 earnings per share. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. As a group, research analysts forecast that CBL & Associates Properties, Inc. will post 1.44 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 15.71%. The ex-dividend date of this dividend is Friday, March 29th. CBL & Associates Properties’s dividend payout ratio is 17.34%.

Several hedge funds and other institutional investors have recently made changes to their positions in CBL. Norges Bank bought a new position in shares of CBL & Associates Properties during the fourth quarter valued at approximately $3,951,000. Mackenzie Financial Corp bought a new stake in shares of CBL & Associates Properties during the third quarter valued at approximately $7,761,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of CBL & Associates Properties during the third quarter valued at approximately $6,427,000. Adams Asset Advisors LLC increased its position in shares of CBL & Associates Properties by 102.8% during the fourth quarter. Adams Asset Advisors LLC now owns 1,820,936 shares of the real estate investment trust’s stock valued at $3,496,000 after acquiring an additional 923,055 shares in the last quarter. Finally, BlackRock Inc. increased its position in shares of CBL & Associates Properties by 2.2% during the fourth quarter. BlackRock Inc. now owns 29,701,312 shares of the real estate investment trust’s stock valued at $57,026,000 after acquiring an additional 648,458 shares in the last quarter. 76.72% of the stock is owned by institutional investors and hedge funds.

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CBL & Associates Properties Company Profile (NYSE:CBL)

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 115 properties totaling 71.5 million square feet across 26 states, including 72 high-quality enclosed, outlet and open-air retail centers and 11 properties managed for third parties.

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