Mack Cali Realty Corp (NYSE:CLI) announced a quarterly dividend on Thursday, March 14th, RTT News reports. Investors of record on Tuesday, April 2nd will be given a dividend of 0.20 per share by the real estate investment trust on Friday, April 12th. This represents a $0.80 annualized dividend and a yield of 3.76%.
Mack Cali Realty has increased its dividend payment by an average of 10.1% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Mack Cali Realty has a dividend payout ratio of 43.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Mack Cali Realty to earn $1.78 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 44.9%.
Shares of NYSE CLI opened at $21.26 on Friday. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 11.62 and a beta of 1.10. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.65. Mack Cali Realty has a fifty-two week low of $15.86 and a fifty-two week high of $22.26.
Several equities analysts have weighed in on CLI shares. SunTrust Banks cut Mack Cali Realty from a “buy” rating to a “hold” rating in a report on Tuesday, January 15th. ValuEngine raised Mack Cali Realty from a “hold” rating to a “buy” rating in a report on Friday, February 8th. Finally, Zacks Investment Research raised Mack Cali Realty from a “sell” rating to a “hold” rating in a report on Wednesday, December 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.25.
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About Mack Cali Realty
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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