Mack Cali Realty Corp (NYSE:CLI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Shares of Mack-Cali underperformed the Zacks categorized REIT and Equity Trust – Other industry over the past three months. The company has been making solid strides in its 20/15 strategic plan, which is aimed at transforming the company by focusing on waterfront and transit-based office holdings, and on luxury multi-family portfolio growth as well. But, as part of portfolio repositioning efforts, it has been aggressively disposing its assets. In fact, the company has closed $745 million of planned dispositions in 2016 and early 2017, and intends to dispose another $600 million for the remainder of 2017. While such measures are a strategic fit for the long term, the earnings-dilutive effects of huge asset sales cannot be bypassed. Also, rate hikes add to its woes.”
A number of other analysts also recently issued reports on the stock. Deutsche Bank AG boosted their price objective on shares of Mack Cali Realty Corp to $28.00 in a report on Monday. Barclays PLC reissued an “underweight” rating and issued a $27.00 price objective (down previously from $28.00) on shares of Mack Cali Realty Corp in a report on Monday, January 23rd. JPMorgan Chase & Co. raised shares of Mack Cali Realty Corp from a “neutral” rating to an “overweight” rating and set a $31.00 price objective for the company in a report on Friday, December 16th. Finally, Citigroup Inc downgraded shares of Mack Cali Realty Corp from a “buy” rating to a “neutral” rating and set a $32.00 price objective for the company. in a report on Friday, December 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $29.83.
Mack Cali Realty Corp (NYSE:CLI) traded down 1.20% during mid-day trading on Monday, hitting $27.07. 223,301 shares of the stock traded hands. Mack Cali Realty Corp has a 52 week low of $21.85 and a 52 week high of $29.70. The firm has a market cap of $2.42 billion, a P/E ratio of 20.78 and a beta of 1.09. The firm’s 50-day moving average price is $28.10 and its 200-day moving average price is $27.49.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Wednesday, April 5th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Monday, April 3rd. Mack Cali Realty Corp’s dividend payout ratio (DPR) is presently 76.92%.
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In other news, Director Alan G. Philibosian sold 15,000 shares of the company’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 transaction of $408,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.73% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors increased its stake in shares of Mack Cali Realty Corp by 6.5% in the third quarter. BlackRock Fund Advisors now owns 5,221,263 shares of the real estate investment trust’s stock worth $142,123,000 after buying an additional 320,643 shares during the period. Victory Capital Management Inc. increased its stake in shares of Mack Cali Realty Corp by 5.5% in the third quarter. Victory Capital Management Inc. now owns 2,184,649 shares of the real estate investment trust’s stock worth $59,466,000 after buying an additional 113,101 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Mack Cali Realty Corp by 5.2% in the third quarter. Ameriprise Financial Inc. now owns 2,121,903 shares of the real estate investment trust’s stock worth $57,760,000 after buying an additional 105,006 shares during the period. Frontier Capital Management Co. LLC increased its stake in shares of Mack Cali Realty Corp by 33.9% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,101,267 shares of the real estate investment trust’s stock worth $60,979,000 after buying an additional 532,540 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Mack Cali Realty Corp by 59.6% in the third quarter. Bank of New York Mellon Corp now owns 1,753,924 shares of the real estate investment trust’s stock worth $47,741,000 after buying an additional 655,136 shares during the period.
About Mack Cali Realty Corp
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 located primarily in the Northeast. The Company’s segments include commercial and other real estate, multi-family real estate, multi-family services, and corporate & other.
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