Mack-Cali Realty Corp. Given New $25.00 Price Target at Cowen and Company (CLI)
Cowen and Company dropped their target price on shares of Mack-Cali Realty Corp. (NYSE:CLI) from $30.00 to $25.00 in a research note issued on Thursday, Analyst Ratings.Net reports. The firm currently has an “outperform” rating on the stock. Cowen and Company’s price target would indicate a potential upside of 18.54% from the company’s current price.
CLI has been the subject of a number of other recent research reports. Analysts at Zacks downgraded shares of Mack-Cali Realty Corp. (NYSE:CLI) from a “neutral” rating to an “underperform” rating in a research note to investors on Wednesday, August 28th. They now have a $20.00 price target on the stock. Separately, analysts at Barclays Capital cut their price target on shares of Mack-Cali Realty Corp. (NYSE:CLI) from $23.00 to $22.00 in a research note to investors on Monday, August 26th. They now have an “equal weight” rating on the stock. Finally, analysts at TheStreet downgraded shares of Mack-Cali Realty Corp. (NYSE:CLI) from a “hold” rating to a “sell” rating in a research note to investors on Tuesday, August 13th.
Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $25.50.
Mack-Cali Realty Corp. (NYSE:CLI) traded down 2.59% during mid-day trading on Thursday, hitting $21.09. The stock had a trading volume of 532,112 shares. Mack-Cali Realty Corp. has a 52-week low of $20.71 and a 52-week high of $29.39. The stock’s 50-day moving average is $22.50 and its 200-day moving average is $25.74. The company has a market cap of $1.856 billion and a price-to-earnings ratio of 47.79.
Mack-Cali Realty Corp. (NYSE:CLI) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.65 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.62 by $0.03. The company had revenue of $177.93 million for the quarter, compared to the consensus estimate of $172.21 million. During the same quarter last year, the company posted $0.62 earnings per share. Mack-Cali Realty Corp.’s revenue was up 3.4% compared to the same quarter last year. On average, analysts predict that Mack-Cali Realty Corp. will post $2.41 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 5.69%.
In other Mack-Cali Realty Corp. news, CFO Barry Lefkowitz sold 25,000 shares of the stock on the open market in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $21.67, for a total value of $541,750.00. Following the completion of the sale, the chief financial officer now directly owns 268,981 shares of the company’s stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (NYSE:CLI), which owns and operates a real estate portfolios consisted of Class A office and office/flex properties located in the Northeast.
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