Zacks Investment Research lowered shares of Mack-Cali Realty Corporation (NYSE:CLI) from a hold rating to a sell rating in a report issued on Tuesday.

According to Zacks, “Shares of Mack-Cali have underperformed its industry, year to date. Moreover, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised downward in a month’s time. Notably, the company’s second-quarter 2017 core FFO per share missed the Zacks Consensus Estimate by a penny. Also, the company lowered its guidance for full-year 2017, mainly due to lower leasing starts. 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. It also includes planned exits from non-core markets and capital improvements in core assets. Such efforts have the capacity to drive growth and improve cash flow in the long run. However, the earnings-dilutive effects of disposition in the near term remain headwinds. Rate hikes add to its woes.”

A number of other equities analysts have also recently weighed in on CLI. Deutsche Bank AG lifted their price target on Mack-Cali Realty Corporation from $28.00 to $29.00 and gave the stock a hold rating in a research note on Thursday, May 25th. BidaskClub raised Mack-Cali Realty Corporation from a sell rating to a hold rating in a research note on Saturday, June 17th. Barclays PLC dropped their price target on Mack-Cali Realty Corporation from $29.00 to $28.00 and set an underweight rating on the stock in a research note on Tuesday, July 18th. Evercore ISI reissued an outperform rating and issued a $29.00 price target (down previously from $33.00) on shares of Mack-Cali Realty Corporation in a research note on Wednesday, August 9th. Finally, ValuEngine cut Mack-Cali Realty Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $29.43.

Shares of Mack-Cali Realty Corporation (CLI) opened at 23.38 on Tuesday. The firm’s market capitalization is $2.10 billion. Mack-Cali Realty Corporation has a 1-year low of $22.70 and a 1-year high of $29.70. The firm’s 50 day moving average is $24.33 and its 200 day moving average is $26.58.

Mack-Cali Realty Corporation (NYSE:CLI) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.01). The company had revenue of $162.77 million during the quarter, compared to analysts’ expectations of $150.94 million. Mack-Cali Realty Corporation had a negative return on equity of 1.21% and a negative net margin of 3.31%. During the same period in the prior year, the business posted $0.55 EPS. Analysts anticipate that Mack-Cali Realty Corporation will post ($0.06) EPS for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in CLI. Glen Harbor Capital Management LLC grew its stake in Mack-Cali Realty Corporation by 8.0% during the 1st quarter. Glen Harbor Capital Management LLC now owns 6,426 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 476 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Mack-Cali Realty Corporation by 1.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 31,300 shares of the real estate investment trust’s stock valued at $843,000 after acquiring an additional 400 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Mack-Cali Realty Corporation by 3.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 95,502 shares of the real estate investment trust’s stock valued at $2,572,000 after acquiring an additional 3,297 shares in the last quarter. State Treasurer State of Michigan grew its stake in Mack-Cali Realty Corporation by 1.1% during the 1st quarter. State Treasurer State of Michigan now owns 36,500 shares of the real estate investment trust’s stock valued at $983,000 after acquiring an additional 400 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Mack-Cali Realty Corporation by 1.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 88,275 shares of the real estate investment trust’s stock valued at $2,378,000 after acquiring an additional 1,043 shares in the last quarter. 99.23% of the stock is currently owned by institutional investors.

About Mack-Cali Realty Corporation

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. It operates in three segments: commercial and other real estate, multi-family real estate and multi-family services.

Analyst Recommendations for Mack-Cali Realty Corporation (NYSE:CLI)

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