Mack-Cali Realty Corporation (CLI) Sets New 52-Week Low After Earnings Miss
Shares of Mack-Cali Realty Corporation (NYSE:CLI) reached a new 52-week low during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $21.99 and last traded at $22.61, with a volume of 321815 shares changing hands. The stock had previously closed at $23.12.
The real estate investment trust reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). The firm had revenue of $160.02 million for the quarter, compared to the consensus estimate of $156.18 million. Mack-Cali Realty Corporation had a return on equity of 1.52% and a net margin of 4.14%. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share.
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Tuesday, October 3rd were given a dividend of $0.20 per share. The ex-dividend date was Monday, October 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.59%. Mack-Cali Realty Corporation’s dividend payout ratio is 347.84%.
CLI has been the topic of a number of recent analyst reports. Barclays PLC reduced their price target on shares of Mack-Cali Realty Corporation from $29.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 18th. Evercore ISI reissued an “outperform” rating and set a $29.00 price target (down from $33.00) on shares of Mack-Cali Realty Corporation in a research report on Wednesday, August 9th. ValuEngine cut shares of Mack-Cali Realty Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. SunTrust Banks, Inc. raised shares of Mack-Cali Realty Corporation from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Tuesday, September 5th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut shares of Mack-Cali Realty Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Mack-Cali Realty Corporation currently has a consensus rating of “Hold” and a consensus price target of $28.43.
A number of institutional investors and hedge funds have recently bought and sold shares of CLI. Bank of New York Mellon Corp lifted its position in Mack-Cali Realty Corporation by 53.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 5,548,255 shares of the real estate investment trust’s stock valued at $131,549,000 after acquiring an additional 1,932,241 shares in the last quarter. Balyasny Asset Management LLC lifted its position in Mack-Cali Realty Corporation by 95.5% in the 2nd quarter. Balyasny Asset Management LLC now owns 673,960 shares of the real estate investment trust’s stock valued at $18,291,000 after acquiring an additional 329,201 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Mack-Cali Realty Corporation in the 2nd quarter valued at $8,404,000. Renaissance Technologies LLC lifted its position in Mack-Cali Realty Corporation by 22.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,682,201 shares of the real estate investment trust’s stock valued at $45,655,000 after acquiring an additional 307,701 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in Mack-Cali Realty Corporation by 128.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 543,201 shares of the real estate investment trust’s stock valued at $14,748,000 after acquiring an additional 305,832 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market cap of $2,078.81, a PE ratio of 10.10, a P/E/G ratio of 2.53 and a beta of 1.21. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.78.
Mack-Cali Realty Corporation Company Profile
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.
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