Mack Cali Realty Corp (NYSE:CLI) declared a quarterly dividend on Monday, March 23rd, Zacks reports. Stockholders of record on Thursday, April 2nd will be paid a dividend of 0.20 per share by the real estate investment trust on Tuesday, April 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date is Wednesday, April 1st.
Mack Cali Realty has raised its dividend payment by an average of 4.6% 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 -125.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Mack Cali Realty to earn $1.18 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 67.8%.
Shares of CLI stock traded up $0.60 on Wednesday, reaching $15.73. 314,160 shares of the company’s stock traded hands, compared to its average volume of 1,453,297. Mack Cali Realty has a 12-month low of $14.12 and a 12-month high of $24.88. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $1.31 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 2.42 and a beta of 1.22. The business’s 50 day moving average price is $19.72 and its two-hundred day moving average price is $21.39.
Mack Cali Realty (NYSE:CLI) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.12. The business had revenue of $86.67 million for the quarter, compared to the consensus estimate of $138.68 million. Mack Cali Realty had a return on equity of 12.39% and a net margin of 22.52%. Research analysts predict that Mack Cali Realty will post 1.27 earnings per share for the current year.
A number of research firms have issued reports on CLI. BTIG Research reiterated a “buy” rating and set a $30.00 target price on shares of Mack Cali Realty in a report on Friday, December 20th. Zacks Investment Research cut shares of Mack Cali Realty from a “hold” rating to a “strong sell” rating and set a $20.00 target price on the stock. in a research note on Tuesday, January 21st. TheStreet raised shares of Mack Cali Realty from a “c” rating to a “b-” rating in a research note on Tuesday, March 10th. Deutsche Bank raised shares of Mack Cali Realty from a “hold” rating to a “buy” rating in a research note on Monday, January 6th. Finally, Citigroup reaffirmed a “hold” rating and set a $24.00 target price on shares of Mack Cali Realty in a research note on Friday, December 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $24.14.
Mack Cali Realty Company Profile
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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