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Andrew Franklin Cobb, the Executive Vice President of Accounting at CBL & Associates Properties Inc. (NYSE:CBL), recently sold 6,800 shares of the company's common stock. The shares were sold at a weighted average price of $28.8437, resulting in a total transaction value of approximately $196,137.
Following this transaction, Cobb holds 37,247 shares, which includes 20,488 shares in a joint account with his spouse. The sale was executed on January 10, 2025, with prices ranging from $28.40 to $29.015 per share. While this insider sale occurred, InvestingPro data reveals management has been actively buying back shares, with the company maintaining a healthy 66% gross profit margin. Discover more insights and 5 additional ProTips by subscribing to InvestingPro.
In other recent news, CBL Properties has made several noteworthy moves. The company has accelerated the payment date for its previously declared quarterly cash dividend of $0.40 per common share, now scheduled for distribution on December 11, 2024, to shareholders on record by November 25, 2024. This adjustment, initiated by the company's Board of Directors, results in an annual dividend rate of $1.60 per common share.
In addition to the revised dividend schedule, CBL Properties also completed a repurchase of 500,000 shares of its own stock, investing $12.525 million, a move outside of its previously announced stock repurchase program. Furthermore, the company finalized the sale of two retail centers and nine outparcels in Layton, Utah, generating $28.5 million in cash, contributing to a reduction in the principal balance on CBL's term loan to $730.8 million and its open-air and outparcel loan to $340.1 million.
The company also disclosed its second-quarter financial results for the period ending June 30, 2024. While specific figures were not released, these financial results provide critical insights into the company's operational status and financial health. Further details about the company's earnings and supplemental financial information for the quarter are available in the public documents filed with the Securities and Exchange Commission. These are the recent developments for CBL Properties.
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