Mack Cali Realty Corp Sees Unusually-High Trading Volume After Dividend Announcement (CLI)
Mack Cali Realty Corp (NYSE:CLI) saw strong trading volume on Friday following a dividend announcement from the company, American Banking and Market News reports. 2,082,611 shares changed hands during mid-day trading, an increase of 92% from the previous session’s volume of 1,087,411 shares.The stock last traded at $21.51 and had previously closed at $21.90.
The newly announced dividend is scheduled for Friday, July 11th. Shareholders of record on Thursday, July 3rd will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.74%.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Mack Cali Realty Corp from an “underperform” rating to a “neutral” rating in a research note on Friday, May 16th. They now have a $21.00 price target on the stock. Separately, analysts at Barclays cut their price target on shares of Mack Cali Realty Corp from $20.00 to $19.00 in a research note on Tuesday, April 22nd. They now have an “underweight” rating on the stock. Finally, analysts at Cowen and Company downgraded shares of Mack Cali Realty Corp from an “outperform” rating to a “market perform” rating in a research note on Monday, April 21st. They now have a $22.00 price target on the stock, down previously from $25.00. Four investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $20.50.
The stock’s 50-day moving average is $20.68 and its 200-day moving average is $20.86. The company’s market cap is $1.922 billion.
Mack Cali Realty Corp (NYSE:CLI) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.46 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.47 by $0.01. The company had revenue of $169.60 million for the quarter, compared to the consensus estimate of $158.66 million. During the same quarter last year, the company posted $0.63 earnings per share. Mack Cali Realty Corp’s revenue was down .8% compared to the same quarter last year. Analysts expect that Mack Cali Realty Corp will post $1.67 EPS for the current fiscal year.
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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