Zacks: Analysts Expect Mack Cali Realty Corp (CLI) to Post $0.44 EPS

Analysts expect Mack Cali Realty Corp (NYSE:CLI) to post earnings per share (EPS) of $0.44 for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Mack Cali Realty’s earnings, with the lowest EPS estimate coming in at $0.42 and the highest estimate coming in at $0.48. Mack Cali Realty reported earnings per share of $0.60 during the same quarter last year, which would suggest a negative year-over-year growth rate of 26.7%. The firm is scheduled to report its next earnings report on Wednesday, August 1st.

On average, analysts expect that Mack Cali Realty will report full year earnings of $1.80 per share for the current year, with EPS estimates ranging from $1.70 to $1.87. For the next financial year, analysts expect that the firm will post earnings of $1.93 per share, with EPS estimates ranging from $1.85 to $2.00. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that cover Mack Cali Realty.

Mack Cali Realty (NYSE:CLI) last posted its quarterly earnings results on Wednesday, May 2nd. The real estate investment trust reported $0.45 EPS for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.01). Mack Cali Realty had a net margin of 7.66% and a return on equity of 2.76%. The firm had revenue of $138.97 million for the quarter, compared to analysts’ expectations of $134.47 million. During the same quarter in the previous year, the company earned $0.56 EPS. The company’s quarterly revenue was down 7.3% compared to the same quarter last year.

CLI has been the topic of a number of recent analyst reports. Citigroup cut their price target on shares of Mack Cali Realty from $23.00 to $18.00 and set a “neutral” rating on the stock in a report on Monday, March 5th. ValuEngine cut shares of Mack Cali Realty from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Zacks Investment Research upgraded shares of Mack Cali Realty from a “strong sell” rating to a “hold” rating in a report on Thursday, May 10th. TheStreet upgraded shares of Mack Cali Realty from a “d+” rating to a “c-” rating in a report on Monday, May 14th. Finally, Barclays reiterated an “average” rating on shares of Mack Cali Realty in a report on Thursday, June 14th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Mack Cali Realty currently has a consensus rating of “Hold” and an average price target of $24.83.

In related news, Director Nathan Gantcher bought 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 14th. The shares were bought at an average price of $19.72 per share, for a total transaction of $493,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Demarco bought 68,301 shares of the company’s stock in a transaction that occurred on Tuesday, June 12th. The stock was bought at an average price of $20.12 per share, for a total transaction of $1,374,216.12. The disclosure for this purchase can be found here. Insiders purchased 118,301 shares of company stock worth $2,382,216 in the last 90 days. 6.83% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Mack Cali Realty by 1.5% in the first quarter. BlackRock Inc. now owns 12,199,991 shares of the real estate investment trust’s stock worth $203,865,000 after purchasing an additional 180,544 shares during the last quarter. Centersquare Investment Management LLC purchased a new stake in Mack Cali Realty in the first quarter worth approximately $96,338,000. Renaissance Technologies LLC boosted its holdings in Mack Cali Realty by 28.1% in the fourth quarter. Renaissance Technologies LLC now owns 2,751,800 shares of the real estate investment trust’s stock worth $59,329,000 after purchasing an additional 603,800 shares during the last quarter. Northern Trust Corp boosted its holdings in Mack Cali Realty by 2.3% in the first quarter. Northern Trust Corp now owns 2,646,236 shares of the real estate investment trust’s stock worth $44,219,000 after purchasing an additional 58,853 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its holdings in Mack Cali Realty by 5.3% in the first quarter. Frontier Capital Management Co. LLC now owns 2,299,089 shares of the real estate investment trust’s stock worth $38,418,000 after purchasing an additional 116,443 shares during the last quarter. Institutional investors own 96.86% of the company’s stock.

NYSE:CLI opened at $19.95 on Friday. Mack Cali Realty has a 52 week low of $15.86 and a 52 week high of $27.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $1.83 billion, a PE ratio of 9.35 and a beta of 1.18.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Tuesday, July 3rd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend is Monday, July 2nd. Mack Cali Realty’s dividend payout ratio is currently 35.87%.

Mack Cali Realty Company Profile

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.

Get a free copy of the Zacks research report on Mack Cali Realty (CLI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Mack Cali Realty (NYSE:CLI)

Receive News & Ratings for Mack Cali Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mack Cali Realty and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply