CBL & Associates Properties, Inc. (CBL) Expected to Post Quarterly Sales of $205.90 Million

Wall Street analysts forecast that CBL & Associates Properties, Inc. (NYSE:CBL) will report $205.90 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for CBL & Associates Properties’ earnings. The highest sales estimate is $208.86 million and the lowest is $201.60 million. CBL & Associates Properties posted sales of $224.65 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 8.3%. The firm is expected to issue its next earnings results after the market closes on Monday, October 29th.

According to Zacks, analysts expect that CBL & Associates Properties will report full year sales of $849.21 million for the current year, with estimates ranging from $831.78 million to $867.00 million. For the next financial year, analysts forecast that the business will report sales of $831.07 million, with estimates ranging from $815.51 million to $849.11 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow CBL & Associates Properties.

CBL & Associates Properties (NYSE:CBL) last issued its quarterly 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 business had revenue of $214.59 million for the quarter, compared to the consensus estimate of $210.72 million. CBL & Associates Properties had a net margin of 2.52% and a return on equity of 1.76%. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 EPS.

CBL has been the topic of several research reports. Zacks Investment Research upgraded shares of CBL & Associates Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, June 13th. Morgan Stanley reduced their price target on shares of CBL & Associates Properties from $4.75 to $3.75 and set an “underweight” rating on the stock in a research report on Thursday, June 14th. ValuEngine downgraded shares of CBL & Associates Properties from a “sell” rating to a “strong sell” rating in a research report on Monday, July 2nd. Stifel Nicolaus upped their price target on shares of CBL & Associates Properties from $4.25 to $4.75 and gave the stock a “hold” rating in a research report on Thursday, August 2nd. Finally, BTIG Research downgraded shares of CBL & Associates Properties from a “neutral” rating to a “sell” rating in a research report on Tuesday, August 7th. Ten investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Sell” and an average price target of $4.19.

A number of institutional investors have recently added to or reduced their stakes in CBL. BlackRock Inc. lifted its position in CBL & Associates Properties by 8.1% during the 2nd quarter. BlackRock Inc. now owns 29,029,587 shares of the real estate investment trust’s stock valued at $161,695,000 after purchasing an additional 2,168,991 shares during the period. Global X Management Co LLC acquired a new position in CBL & Associates Properties during the 2nd quarter valued at about $8,081,000. First Republic Investment Management Inc. acquired a new position in CBL & Associates Properties during the 2nd quarter valued at about $4,739,000. Northwestern Mutual Investment Management Company LLC acquired a new position in CBL & Associates Properties during the 1st quarter valued at about $3,220,000. Finally, Schwab Charles Investment Management Inc. lifted its position in CBL & Associates Properties by 19.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,853,945 shares of the real estate investment trust’s stock valued at $21,467,000 after purchasing an additional 638,513 shares during the period. Institutional investors own 76.54% of the company’s stock.

Shares of NYSE CBL opened at $3.83 on Tuesday. The stock has a market cap of $688.94 million, a P/E ratio of 1.84, a P/E/G ratio of -0.76 and a beta of 0.96. The company has a debt-to-equity ratio of 3.55, a quick ratio of 0.51 and a current ratio of 0.51. CBL & Associates Properties has a 12-month low of $3.58 and a 12-month high of $8.79.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 16th. Shareholders of record on Monday, October 1st will be given a dividend of $0.20 per share. The ex-dividend date is Friday, September 28th. This represents a $0.80 dividend on an annualized basis and a yield of 20.89%. CBL & Associates Properties’s payout ratio is presently 38.46%.

About CBL & Associates Properties

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 72.8 million square feet across 26 states, including 74 high-quality enclosed, outlet and open-air retail centers and 13 properties managed for third parties.

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