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.
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