According to Zacks, “Shares of Mack-Cali have outperformed the industry it belongs to, in the past month. Further, the trend in estimate revisions for 2019 and 2020 funds from operations (FFO) per share indicates a favorable outlook for the company. In March, it entered into deal to dispose its remaining office/flex portfolio, for $487.5 million. This marks the company’s exodus from the flex-warehouse business, and completion of its portfolio-repositioning strategy to a waterfront-focused office and residential landlord. Further, the disposal will bolster the company’s liquidity position and improve leverage levels as sale proceeds will be used to repay debt and fund the buyout of an apartment community. However, the dilutive impact on earnings from such asset sales cannot be bypassed in the near term. Also, geographic concentration of assets makes its performance susceptible to the general economic conditions of these regions.”
Other equities analysts have also recently issued reports about the company. BTIG Research upgraded Mack Cali Realty from a neutral rating to a buy rating and set a $26.00 price target on the stock in a research report on Tuesday, March 19th. ValuEngine upgraded Mack Cali Realty from a hold rating to a buy rating in a research report on Friday, February 8th. Finally, SunTrust Banks cut Mack Cali Realty from a buy rating to a hold rating in a research report on Tuesday, January 15th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $21.40.
Mack Cali Realty (NYSE:CLI) last issued its quarterly earnings results on Wednesday, February 20th. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. Mack Cali Realty had a return on equity of 4.62% and a net margin of 14.71%. The company had revenue of $132.94 million for the quarter, compared to analysts’ expectations of $133.43 million. During the same period last year, the firm earned $0.50 EPS. The firm’s revenue for the quarter was down 7.4% on a year-over-year basis. As a group, research analysts expect that Mack Cali Realty will post 1.64 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Tuesday, April 2nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend is Monday, April 1st. Mack Cali Realty’s payout ratio is 43.72%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund grew its holdings in shares of Mack Cali Realty by 1,859.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 698,717 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 663,050 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Mack Cali Realty by 39.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,954 shares of the real estate investment trust’s stock worth $96,000 after acquiring an additional 1,410 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in shares of Mack Cali Realty in the fourth quarter worth $136,000. Dupont Capital Management Corp acquired a new stake in shares of Mack Cali Realty in the fourth quarter worth $159,000. Finally, First Citizens Bank & Trust Co. acquired a new stake in shares of Mack Cali Realty in the fourth quarter worth $222,000. Institutional investors and hedge funds own 98.33% of the company’s stock.
Mack Cali Realty Company Profile
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.
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