Mack-Cali Realty Corporation (CLI) to Issue $0.20 Quarterly Dividend
Mack-Cali Realty Corporation (NYSE:CLI) declared a quarterly dividend on Thursday, September 14th, RTT News reports. Shareholders of record on Tuesday, October 3rd will be given a dividend of 0.20 per share by the real estate investment trust on Friday, October 13th. This represents a $0.80 annualized dividend and a yield of 3.41%.
Mack-Cali Realty Corporation has decreased its dividend by an average of 26.3% annually over the last three years. Mack-Cali Realty Corporation has a dividend payout ratio of 35.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Mack-Cali Realty Corporation to earn ($0.08) per share next year, which means the company may not be able to cover its $0.80 annual dividend with an expected future payout ratio of -1,000.0%.
Shares of Mack-Cali Realty Corporation (CLI) traded up 0.73% on Thursday, hitting $23.47. 457,483 shares of the company’s stock were exchanged. Mack-Cali Realty Corporation has a 12 month low of $22.70 and a 12 month high of $29.70. The firm’s market cap is $2.11 billion. The stock’s 50 day moving average is $24.25 and its 200 day moving average is $26.54.
Mack-Cali Realty Corporation (NYSE:CLI) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.60 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.01). The company had revenue of $162.77 million during the quarter, compared to the consensus estimate of $150.94 million. Mack-Cali Realty Corporation had a negative return on equity of 1.21% and a negative net margin of 3.31%. During the same period in the prior year, the firm posted $0.55 EPS. On average, equities analysts predict that Mack-Cali Realty Corporation will post ($0.06) earnings per share for the current year.
Several analysts have commented on the stock. BidaskClub raised shares of Mack-Cali Realty Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 17th. Deutsche Bank AG lifted 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. Barclays PLC lowered their price objective on shares of Mack-Cali Realty Corporation from $29.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 18th. Evercore ISI reaffirmed an “outperform” rating and issued a $29.00 price objective (down previously from $33.00) on shares of Mack-Cali Realty Corporation in a research report on Wednesday, August 9th. Finally, Zacks Investment Research lowered shares of Mack-Cali Realty Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Mack-Cali Realty Corporation currently has a consensus rating of “Hold” and an average price target of $29.43.
Mack-Cali Realty Corporation 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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