Bank of New York Mellon Corp Buys 107,382 Shares of CBL & Associates Properties, Inc. (CBL)

Bank of New York Mellon Corp grew its stake in shares of CBL & Associates Properties, Inc. (NYSE:CBL) by 3.0% during the second quarter, Holdings Channel reports. The institutional investor owned 3,735,472 shares of the real estate investment trust’s stock after purchasing an additional 107,382 shares during the quarter. Bank of New York Mellon Corp’s holdings in CBL & Associates Properties were worth $20,807,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of CBL & Associates Properties by 2.2% during the first quarter. BlackRock Inc. now owns 26,860,596 shares of the real estate investment trust’s stock valued at $112,010,000 after buying an additional 584,557 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of CBL & Associates Properties by 3.6% during the second quarter. Robeco Institutional Asset Management B.V. now owns 4,410,109 shares of the real estate investment trust’s stock valued at $24,855,000 after buying an additional 153,644 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of CBL & Associates Properties by 13.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 3,215,432 shares of the real estate investment trust’s stock valued at $13,409,000 after buying an additional 376,714 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of CBL & Associates Properties by 2.3% during the first quarter. Principal Financial Group Inc. now owns 1,341,071 shares of the real estate investment trust’s stock valued at $5,592,000 after buying an additional 29,957 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC bought a new position in shares of CBL & Associates Properties during the first quarter valued at about $3,220,000. 76.55% of the stock is currently owned by hedge funds and other institutional investors.

NYSE CBL opened at $4.17 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.55. The stock has a market capitalization of $744.20 million, a P/E ratio of 2.00, a price-to-earnings-growth ratio of -0.82 and a beta of 0.96. CBL & Associates Properties, Inc. has a 1 year low of $3.80 and a 1 year high of $9.10.

CBL & Associates Properties (NYSE:CBL) last posted its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.04. The company had revenue of $214.59 million for the quarter, compared to analysts’ expectations of $210.72 million. CBL & Associates Properties had a return on equity of 1.76% and a net margin of 2.52%. CBL & Associates Properties’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period last year, the firm earned $0.58 earnings per share. analysts anticipate that CBL & Associates Properties, Inc. will post 1.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 16th. Investors of record on Monday, October 1st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, September 28th. This represents a $0.80 annualized dividend and a dividend yield of 19.18%. CBL & Associates Properties’s payout ratio is presently 38.46%.

CBL has been the topic of a number of recent research reports. Zacks Investment Research raised CBL & Associates Properties from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. ValuEngine raised CBL & Associates Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Bank of America reduced their price objective on CBL & Associates Properties from $4.50 to $4.00 and set an “underperform” rating on the stock in a research note on Monday, August 13th. Morgan Stanley cut their target price on CBL & Associates Properties from $4.75 to $3.75 and set an “underweight” rating on the stock in a research note on Thursday, June 14th. Finally, BTIG Research cut CBL & Associates Properties from a “neutral” rating to a “sell” rating in a research note on Tuesday, August 7th. Ten investment analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The company currently has a consensus rating of “Sell” and an average target price of $4.19.

CBL & Associates Properties Company Profile

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 117 properties totaling 73.4 million square feet across 26 states, including 75 high-quality enclosed, outlet and open-air retail centers and 11 properties managed for third parties.

Further Reading: Should I invest in “strong buy” stocks?

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Institutional Ownership by Quarter for CBL & Associates Properties (NYSE:CBL)

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