Mack Cali Realty Corp (NYSE:CLI) Plans $0.20 Quarterly Dividend

Mack Cali Realty Corp (NYSE:CLI) declared a quarterly dividend on Wednesday, June 12th, RTT News reports. Shareholders of record on Tuesday, July 2nd will be given a dividend of 0.20 per share by the real estate investment trust on Friday, July 12th. This represents a $0.80 dividend on an annualized basis and a yield of 3.31%.

Mack Cali Realty has raised its dividend payment by an average of 10.1% annually over the last three years and has raised its dividend every year for the last 3 years. Mack Cali Realty has a dividend payout ratio of 43.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Mack Cali Realty to earn $1.66 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 48.2%.

Mack Cali Realty stock traded up $0.79 during mid-day trading on Wednesday, reaching $24.15. The company’s stock had a trading volume of 13,522 shares, compared to its average volume of 419,789. The company has a market cap of $2.13 billion, a PE ratio of 13.02 and a beta of 1.05. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.62 and a quick ratio of 0.62. Mack Cali Realty has a twelve month low of $18.74 and a twelve month high of $23.83.

A number of equities analysts have commented on CLI shares. Deutsche Bank lifted their price objective on shares of Mack Cali Realty from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Wednesday, April 10th. Stifel Nicolaus raised shares of Mack Cali Realty from a “hold” rating to a “buy” rating and set a $21.73 price objective for the company in a report on Tuesday, April 16th. Zacks Investment Research upgraded Mack Cali Realty from a “sell” rating to a “hold” rating and set a $19.00 target price on the stock in a research note on Tuesday, May 28th. BTIG Research upgraded Mack Cali Realty from a “neutral” rating to a “buy” rating and set a $26.00 target price on the stock in a research note on Tuesday, March 19th. Finally, TheStreet upgraded Mack Cali Realty from a “c” rating to a “b-” rating in a research note on Monday, May 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. Mack Cali Realty presently has an average rating of “Hold” and an average price target of $21.29.

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About Mack Cali Realty

One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.

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Dividend History for Mack Cali Realty (NYSE:CLI)

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