Entities affiliated with Oaktree Capital Group and Brookfield Asset Management (TSX:BAM) have sold a total of $155,099 worth of common stock in real estate investment trust CBL & Associates Properties Inc (NYSE:CBL). The shares were sold on April 24, 2024, at a weighted average price of $21.75, according to a recent SEC filing.
The transaction involved the sale of 7,131 shares by Oaktree Capital Group Holdings GP, LLC, Oaktree Value Opportunities Fund Holdings, L.P., and other related entities. Following the sale, the entities' direct ownership in CBL & Associates Properties Inc has been reduced to zero, as indicated in the footnotes of the filing.
The recent sale by Oaktree and Brookfield entities may capture the attention of investors tracking insider transactions as a signal of the company's financial health and future prospects. Such transactions are often closely watched as they can provide insights into the perspectives of those with intimate knowledge of the company.
The sale price fell within a narrow range, with the shares being sold at prices ranging from $21.75 to $21.77. The specific number of shares sold at each price point within this range can be provided upon request to the issuer, security holders of the issuer, or the staff of the Securities and Exchange Commission, as per the footnotes in the SEC filing.
CBL & Associates Properties Inc, based in Chattanooga, Tennessee, is a company that operates in the real estate sector, focusing on investment trusts. The sale of its shares by significant stakeholders is a development that market participants may consider in their analysis of the company's stock performance and investment decisions.
InvestingPro Insights
In light of the recent insider selling at CBL & Associates Properties Inc (NYSE:CBL), investors may benefit from additional context provided by InvestingPro data and tips. As of the latest metrics, CBL has a market capitalization of approximately $689.82 million. The company's Price/Earnings (P/E) ratio stands at a high 136.76, which could indicate that the stock is trading at a premium relative to its earnings. However, it's worth noting that the adjusted P/E ratio for the last twelve months as of Q4 2023 was negative at -8.47, suggesting that the company had experienced earnings challenges during that period.
Despite the high earnings multiple, CBL pays a significant dividend to shareholders, with a dividend yield of 7.41% as of the latest data. This could be an attractive feature for income-focused investors. Additionally, the company has shown a dividend growth of 60.0% in the last twelve months as of Q4 2023, which may signal confidence in its ability to maintain or increase dividend payouts.
InvestingPro Tips for CBL highlight that the company's stock price movements are quite volatile, which could be relevant for investors with a lower risk tolerance. On a positive note, analysts predict the company will be profitable this year, and it has already been profitable over the last twelve months.
For those interested in a deeper analysis, there are 7 additional InvestingPro Tips available for CBL & Associates Properties Inc, which can be found at InvestingPro. To gain access to these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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