Mack Cali Realty Corp (NYSE:CLI) announced its earnings results on Tuesday. The real estate investment trust reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by $0.01. The business had revenue of $149.90 million during the quarter, compared to analyst estimates of $151.22 million. Mack Cali Realty Corp had a return on equity of 4.10% and a net margin of 11.60%. The firm’s revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.69 earnings per share. Mack Cali Realty Corp updated its FY17 guidance to $2.25-2.40 EPS.
Several research analysts have issued reports on the company. Zacks Investment Research cut shares of Mack Cali Realty Corp from a “hold” rating to a “sell” rating in a research report on Wednesday, March 29th. Deutsche Bank AG upped their price objective on shares of Mack Cali Realty Corp from $27.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, March 20th. Finally, Barclays PLC restated an “underweight” rating and issued a $27.00 price objective (down previously from $28.00) on shares of Mack Cali Realty Corp in a research report on Monday, January 23rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Mack Cali Realty Corp presently has a consensus rating of “Hold” and a consensus price target of $29.83.
In related news, Director Alan G. Philibosian sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $27.22, for a total value of $408,300.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 6.73% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Mack Cali Realty Corp by 6,678.9% in the first quarter. BlackRock Inc. now owns 11,568,140 shares of the real estate investment trust’s stock valued at $311,648,000 after buying an additional 11,397,492 shares in the last quarter. Bank of New York Mellon Corp increased its position in Mack Cali Realty Corp by 60.3% in the first quarter. Bank of New York Mellon Corp now owns 3,185,577 shares of the real estate investment trust’s stock valued at $85,820,000 after buying an additional 1,198,902 shares during the period. Equity Investment Corp Acquisition Inc bought a new position in Mack Cali Realty Corp during the fourth quarter valued at approximately $33,584,000. Norges Bank bought a new position in Mack Cali Realty Corp during the fourth quarter valued at approximately $25,602,000. Finally, Weiss Multi Strategy Advisers LLC boosted its stake in shares of Mack Cali Realty Corp by 49.6% in the first quarter. Weiss Multi Strategy Advisers LLC now owns 1,823,351 shares of the real estate investment trust’s stock valued at $49,121,000 after buying an additional 604,388 shares in the last quarter.
Mack Cali Realty Corp Company Profile
Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio of Class A office and office/flex properties. It operates in three segments: commercial and other real estate, multi-family real estate and multi-family services.
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