Mack-Cali Realty (CLI) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Mack-Cali Realty (NYSE:CLI) from a sell rating to a hold rating in a research report sent to investors on Monday, November 13th.

According to Zacks, “Mack-Cali Realty reported third-quarter 2017 core funds from operations (FFO) per share of 57 cents, missing the Zacks Consensus Estimate by a penny. Results indicate decrease in base rents and revenues from real estate services. Mack-Cali has been making progress in the 2015 strategic plan, aimed at transforming the company by focusing on waterfront and transit-based office holdings, and luxury multi-family portfolio growth. Therefore, it has been aggressively disposing assets. While such measures are a strategic fit for the long term, the dilutive impact on earnings from huge asset sales cannot be bypassed in the near term. Nevertheless, Mack-Cali has been able to improve its overall portfolio mix, lower exposure to suburban office assets and expand multi-family portfolio. The stock has also seen the Zacks Consensus Estimate for fourth-quarter 2017 being revised upward in a week’s time.”

Several other analysts have also issued reports on CLI. Citigroup dropped their price objective on Mack-Cali Realty from $27.50 to $26.00 and set a neutral rating on the stock in a research note on Thursday, September 21st. Stifel Nicolaus restated a buy rating and issued a $30.00 price objective on shares of Mack-Cali Realty in a research note on Thursday, September 21st. Barclays dropped their price objective on Mack-Cali Realty from $29.00 to $28.00 and set an underweight rating on the stock in a research note on Tuesday, July 18th. ValuEngine downgraded Mack-Cali Realty from a buy rating to a hold rating in a research report on Friday, September 1st. Finally, SunTrust Banks raised Mack-Cali Realty from a hold rating to a buy rating and set a $30.00 target price on the stock in a research report on Tuesday, September 5th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Mack-Cali Realty currently has an average rating of Hold and an average target price of $28.43.

Mack-Cali Realty (NYSE CLI) opened at $22.33 on Monday. The stock has a market capitalization of $1,989.80, a PE ratio of 9.66, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19. Mack-Cali Realty has a 52 week low of $21.18 and a 52 week high of $29.70. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.69.

Mack-Cali Realty (NYSE:CLI) last issued its quarterly earnings results on Tuesday, November 7th. The real estate investment trust reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). Mack-Cali Realty had a net margin of 4.14% and a return on equity of 1.53%. The firm had revenue of $160.02 million during the quarter, compared to the consensus estimate of $156.18 million. During the same quarter last year, the firm earned $0.60 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. equities research analysts predict that Mack-Cali Realty will post 2.27 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio lifted its stake in Mack-Cali Realty by 11.6% during the third quarter. Public Employees Retirement System of Ohio now owns 132,258 shares of the real estate investment trust’s stock worth $3,136,000 after purchasing an additional 13,771 shares during the last quarter. Eii Capital Management Inc. bought a new stake in Mack-Cali Realty during the third quarter worth $708,000. California Public Employees Retirement System lifted its stake in Mack-Cali Realty by 4.1% during the third quarter. California Public Employees Retirement System now owns 258,955 shares of the real estate investment trust’s stock worth $6,140,000 after purchasing an additional 10,156 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Mack-Cali Realty in the 3rd quarter valued at $350,000. Finally, Asset Management One Co. Ltd. lifted its stake in shares of Mack-Cali Realty by 2.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 192,240 shares of the real estate investment trust’s stock valued at $4,539,000 after acquiring an additional 3,872 shares during the last quarter. Hedge funds and other institutional investors own 99.25% of the company’s stock.

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Mack-Cali Realty 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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