Mack-Cali Realty Corporation (CLI) Announces Dividend Increase – $0.20 Per Share
Mack-Cali Realty Corporation (NYSE:CLI) declared a quarterly dividend on Monday, June 12th, RTT News reports. Stockholders of record on Thursday, July 6th will be given a dividend of 0.20 per share by the real estate investment trust on Friday, July 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.85%. This is a boost from Mack-Cali Realty Corporation’s previous quarterly dividend of $0.15.
Mack-Cali Realty Corporation has decreased its dividend by an average of 26.3% per year over the last three years. Mack-Cali Realty Corporation has a payout ratio of 25.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Mack-Cali Realty Corporation to earn $0.17 per share next year, which means the company may not be able to cover its $0.60 annual dividend with an expected future payout ratio of 352.9%.
Mack-Cali Realty Corporation (NYSE CLI) traded up 1.756% on Monday, hitting $28.105. 299,457 shares of the stock were exchanged. Mack-Cali Realty Corporation has a one year low of $24.59 and a one year high of $29.70. The stock has a market capitalization of $2.52 billion, a P/E ratio of 38.927 and a beta of 1.19. The company has a 50 day moving average of $27.16 and a 200 day moving average of $27.76.
Mack-Cali Realty Corporation (NYSE:CLI) last announced its quarterly earnings data on Tuesday, May 9th. The real estate investment trust reported $0.56 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.01. The business had revenue of $149.90 million during the quarter, compared to the consensus estimate of $151.22 million. Mack-Cali Realty Corporation had a return on equity of 3.77% and a net margin of 10.66%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.69 EPS. On average, equities research analysts forecast that Mack-Cali Realty Corporation will post $0.23 earnings per share for the current fiscal year.
In other Mack-Cali Realty Corporation news, Director Alan G. Philibosian sold 15,000 shares of the company’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $27.22, for a total transaction of $408,300.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 6.73% of the company’s stock.
A number of analysts have recently commented on the stock. Deutsche Bank AG boosted their price objective on shares of Mack-Cali Realty Corporation from $28.00 to $29.00 and gave the stock a “hold” rating in a research report on Thursday, May 25th. Zacks Investment Research lowered shares of Mack-Cali Realty Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, March 14th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $30.00.
About Mack-Cali Realty Corporation
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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