Mack-Cali Realty Corporation Declares Quarterly Dividend of $0.20 (CLI)
Mack-Cali Realty Corporation (NYSE:CLI) announced a quarterly dividend on Tuesday, December 12th, RTT News reports. Shareholders of record on Wednesday, January 3rd will be paid a dividend of 0.20 per share by the real estate investment trust on Friday, January 12th. This represents a $0.80 annualized dividend and a yield of 3.72%.
Mack-Cali Realty has decreased its dividend payment by an average of 26.3% annually over the last three years. Mack-Cali Realty has a payout ratio of 35.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Mack-Cali Realty to earn $2.18 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 36.7%.
Shares of Mack-Cali Realty (CLI) traded down $0.13 during mid-day trading on Tuesday, reaching $21.48. 394,800 shares of the company’s stock traded hands, compared to its average volume of 567,480. 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 has a 12-month low of $21.18 and a 12-month high of $29.70. The firm has a market cap of $1,943.04, a price-to-earnings ratio of 9.44, a P/E/G ratio of 1.76 and a beta of 1.19.
CLI has been the topic of several recent analyst reports. ValuEngine upgraded shares of Mack-Cali Realty from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Stifel Nicolaus restated a “buy” rating and set a $30.00 price objective on shares of Mack-Cali Realty in a research note on Thursday, September 21st. SunTrust Banks upgraded shares of Mack-Cali Realty from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Tuesday, September 5th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Mack-Cali Realty from a “sell” rating to a “hold” rating in a research note on Monday, November 13th. Finally, Citigroup lowered their price objective on shares of 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. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $28.43.
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About Mack-Cali Realty
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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