Mack Cali Realty Corp (CLI) Receives Average Recommendation of “Hold” from Brokerages

Mack Cali Realty Corp (NYSE:CLI) has earned an average recommendation of “Hold” from the ten ratings firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $21.40.

A number of equities research analysts have recently issued reports on CLI shares. SunTrust Banks cut shares of Mack Cali Realty from a “buy” rating to a “hold” rating in a research note on Tuesday, January 15th. Zacks Investment Research downgraded shares of Mack Cali Realty from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 6th. ValuEngine raised Mack Cali Realty from a “hold” rating to a “buy” rating in a research note on Friday, February 8th. Finally, BTIG Research upgraded Mack Cali Realty from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Tuesday, March 19th.

Several hedge funds have recently added to or reduced their stakes in CLI. Metropolitan Life Insurance Co. NY grew its holdings in shares of Mack Cali Realty by 66.0% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 57,921 shares of the real estate investment trust’s stock worth $1,135,000 after acquiring an additional 23,024 shares during the period. Teachers Advisors LLC grew its position in shares of Mack Cali Realty by 0.3% in the 3rd quarter. Teachers Advisors LLC now owns 263,918 shares of the real estate investment trust’s stock worth $5,611,000 after buying an additional 907 shares during the period. Arizona State Retirement System grew its position in shares of Mack Cali Realty by 1.1% in the 4th quarter. Arizona State Retirement System now owns 64,826 shares of the real estate investment trust’s stock worth $1,270,000 after buying an additional 701 shares during the period. Legal & General Group Plc increased its stake in shares of Mack Cali Realty by 3.6% in the 3rd quarter. Legal & General Group Plc now owns 398,214 shares of the real estate investment trust’s stock worth $8,465,000 after acquiring an additional 13,708 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of Mack Cali Realty by 1.9% in the 4th quarter. State of Alaska Department of Revenue now owns 29,518 shares of the real estate investment trust’s stock worth $578,000 after acquiring an additional 540 shares in the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Shares of NYSE CLI traded down $0.10 during mid-day trading on Wednesday, reaching $22.33. 2,176 shares of the company were exchanged, compared to its average volume of 481,622. Mack Cali Realty has a 52 week low of $16.42 and a 52 week high of $22.55. The company has a market capitalization of $2.03 billion, a P/E ratio of 12.20 and a beta of 1.11. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.88 and a current ratio of 0.88.

Mack Cali Realty (NYSE:CLI) last released its earnings results on Wednesday, February 20th. The real estate investment trust reported $0.45 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.45. Mack Cali Realty had a return on equity of 4.62% and a net margin of 14.71%. The business had revenue of $132.94 million for the quarter, compared to analysts’ expectations of $133.43 million. During the same quarter in the prior year, the firm earned $0.50 earnings per share. The firm’s revenue was down 7.4% on a year-over-year basis. As a group, analysts forecast that Mack Cali Realty will post 1.64 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Tuesday, April 2nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, April 1st. This represents a $0.80 annualized dividend and a yield of 3.58%. Mack Cali Realty’s payout ratio is currently 43.72%.

About Mack Cali Realty

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

Read More: Strangles

Analyst Recommendations for Mack Cali Realty (NYSE:CLI)

Receive News & Ratings for Mack Cali Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mack Cali Realty and related companies with MarketBeat.com's FREE daily email newsletter.