Mack-Cali Realty Corporation (NYSE:CLI) Stock Rating Reaffirmed by Evercore ISI

Evercore ISI reiterated their outperform rating on shares of Mack-Cali Realty Corporation (NYSE:CLI) in a report released on Wednesday morning. Evercore ISI currently has a $29.00 target price on the real estate investment trust’s stock, down from their prior target price of $33.00.

Other equities research analysts have also recently issued reports about the stock. BidaskClub upgraded shares of Mack-Cali Realty Corporation from a sell rating to a hold rating in a research report on Saturday, June 17th. Deutsche Bank AG increased their target price on shares of Mack-Cali Realty Corporation from $28.00 to $29.00 and gave the company a hold rating in a research report on Thursday, May 25th. Finally, Barclays PLC reduced their target price on shares of Mack-Cali Realty Corporation from $29.00 to $28.00 and set an underweight rating for the company in a research report on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Mack-Cali Realty Corporation currently has a consensus rating of Hold and a consensus price target of $30.00.

Shares of Mack-Cali Realty Corporation (NYSE CLI) traded down 0.94% during mid-day trading on Wednesday, hitting $24.11. 975,523 shares of the stock traded hands. The firm has a 50 day moving average of $26.28 and a 200 day moving average of $27.29. The stock’s market cap is $2.17 billion. Mack-Cali Realty Corporation has a 12 month low of $23.77 and a 12 month high of $29.70.

Mack-Cali Realty Corporation (NYSE:CLI) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.01. The company had revenue of $162.77 million for the quarter, compared to analyst estimates of $150.94 million. Mack-Cali Realty Corporation had a negative return on equity of 1.21% and a negative net margin of 3.31%. During the same quarter in the prior year, the company posted $0.55 earnings per share. On average, equities analysts expect that Mack-Cali Realty Corporation will post $0.23 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Thursday, July 6th were issued a $0.20 dividend. The ex-dividend date was Monday, July 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.32%. This is a positive change from Mack-Cali Realty Corporation’s previous quarterly dividend of $0.15. Mack-Cali Realty Corporation’s dividend payout ratio is currently -307.69%.

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Mack-Cali Realty Corporation by 6,678.9% in the first quarter. BlackRock Inc. now owns 11,568,140 shares of the real estate investment trust’s stock worth $311,648,000 after buying an additional 11,397,492 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Mack-Cali Realty Corporation by 233.1% in the first quarter. Nuveen Asset Management LLC now owns 1,893,742 shares of the real estate investment trust’s stock worth $51,017,000 after buying an additional 1,325,149 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Mack-Cali Realty Corporation 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 worth $85,820,000 after buying an additional 1,198,902 shares in the last quarter. Weiss Multi Strategy Advisers LLC raised its stake in shares of Mack-Cali Realty Corporation 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 worth $49,121,000 after buying an additional 604,388 shares in the last quarter. Finally, PGGM Investments raised its stake in shares of Mack-Cali Realty Corporation by 320.6% in the first quarter. PGGM Investments now owns 762,000 shares of the real estate investment trust’s stock worth $20,528,000 after buying an additional 580,818 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

About Mack-Cali Realty Corporation

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.

Analyst Recommendations for Mack-Cali Realty Corporation (NYSE:CLI)

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