JPMorgan Chase & Co. Lowers Mack Cali Realty (CLI) to Neutral

JPMorgan Chase & Co. lowered shares of Mack Cali Realty (NYSE:CLI) from an overweight rating to a neutral rating in a research report sent to investors on Friday, MarketBeat Ratings reports.

Several other analysts have also recently weighed in on CLI. Citigroup lifted their price target on Mack Cali Realty from $18.00 to $20.00 and gave the stock a neutral rating in a report on Thursday, June 28th. Deutsche Bank lifted their price target on Mack Cali Realty from $21.00 to $22.00 and gave the stock a hold rating in a report on Wednesday, August 29th. ValuEngine cut Mack Cali Realty from a hold rating to a sell rating in a report on Thursday, September 27th. Stifel Nicolaus dropped their price target on Mack Cali Realty from $23.00 to $21.00 and set a hold rating for the company in a report on Tuesday, September 25th. Finally, Zacks Investment Research cut Mack Cali Realty from a hold rating to a sell rating in a report on Monday, July 9th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $22.40.

Shares of NYSE CLI opened at $20.35 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.58. Mack Cali Realty has a 12 month low of $15.86 and a 12 month high of $23.99. The company has a market cap of $1.92 billion, a PE ratio of 9.13 and a beta of 1.19.

Mack Cali Realty (NYSE:CLI) last issued its earnings results on Wednesday, August 1st. The real estate investment trust reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.49). Mack Cali Realty had a return on equity of 4.70% and a net margin of 13.89%. The business had revenue of $126.58 million for the quarter, compared to the consensus estimate of $133.28 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The business’s revenue was down 90.0% compared to the same quarter last year. On average, research analysts expect that Mack Cali Realty will post 1.86 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Tuesday, October 2nd will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, October 1st. This represents a $0.80 annualized dividend and a yield of 3.93%. Mack Cali Realty’s payout ratio is currently 35.87%.

In related news, EVP Robert Andrew Marshall sold 1,426 shares of Mack Cali Realty stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $21.28, for a total transaction of $30,345.28. Following the completion of the sale, the executive vice president now directly owns 1,426 shares of the company’s stock, valued at approximately $30,345.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 6.83% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Land & Buildings Investment Management LLC raised its holdings in Mack Cali Realty by 306.2% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,672,517 shares of the real estate investment trust’s stock valued at $33,919,000 after acquiring an additional 1,260,800 shares in the last quarter. BlackRock Inc. raised its holdings in Mack Cali Realty by 8.2% in the 2nd quarter. BlackRock Inc. now owns 13,198,378 shares of the real estate investment trust’s stock valued at $267,663,000 after acquiring an additional 998,387 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Mack Cali Realty by 41.5% in the 2nd quarter. Victory Capital Management Inc. now owns 2,225,212 shares of the real estate investment trust’s stock valued at $45,128,000 after acquiring an additional 652,511 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Mack Cali Realty by 60.5% in the 1st quarter. Russell Investments Group Ltd. now owns 963,775 shares of the real estate investment trust’s stock valued at $16,091,000 after acquiring an additional 363,352 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Mack Cali Realty by 127.7% in the 1st quarter. Millennium Management LLC now owns 619,615 shares of the real estate investment trust’s stock valued at $10,354,000 after acquiring an additional 347,461 shares in the last quarter. 98.95% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Mack Cali Realty (NYSE:CLI)

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