Shares of Mack Cali Realty Corp (NYSE:CLI) have been assigned an average rating of “Hold” from the nine brokerages that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $21.80.
Several research firms have issued reports on CLI. JPMorgan Chase & Co. lowered shares of Mack Cali Realty from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. Stifel Nicolaus reaffirmed a “hold” rating and set a $23.00 price target (up from $21.00) on shares of Mack Cali Realty in a research report on Thursday, August 16th. ValuEngine raised shares of Mack Cali Realty from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Zacks Investment Research lowered shares of Mack Cali Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Finally, Deutsche Bank upped their price target on shares of Mack Cali Realty from $21.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, August 29th.
In other news, EVP Robert Andrew Marshall sold 1,426 shares of the stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $21.28, for a total value of $30,345.28. Following the transaction, the executive vice president now directly owns 1,426 shares of the company’s stock, valued at $30,345.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.83% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of CLI. First Hawaiian Bank bought a new position in shares of Mack Cali Realty in the third quarter valued at about $123,000. State of Alaska Department of Revenue increased its position in Mack Cali Realty by 89.9% during the second quarter. State of Alaska Department of Revenue now owns 7,424 shares of the real estate investment trust’s stock worth $150,000 after acquiring an additional 3,514 shares during the period. Point72 Hong Kong Ltd increased its position in Mack Cali Realty by 729.3% during the second quarter. Point72 Hong Kong Ltd now owns 8,973 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 7,891 shares during the period. Engineers Gate Manager LP bought a new position in Mack Cali Realty during the third quarter worth about $210,000. Finally, Verition Fund Management LLC bought a new position in Mack Cali Realty during the second quarter worth about $284,000. 98.06% of the stock is currently owned by institutional investors.
NYSE CLI traded down $0.47 on Friday, hitting $20.47. 15,858 shares of the stock were exchanged, compared to its average volume of 525,520. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 1.67. Mack Cali Realty has a 52 week low of $15.86 and a 52 week high of $23.30. The firm has a market capitalization of $1.84 billion, a P/E ratio of 9.19 and a beta of 1.18.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Tuesday, October 2nd were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Monday, October 1st. Mack Cali Realty’s payout ratio is presently 35.87%.
Mack Cali Realty Company Profile
Mack-Cali Realty Corporation is fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
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