Mack Cali Realty (CLI) Updates FY18 Earnings Guidance

Mack Cali Realty (NYSE:CLI) updated its FY18 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.81-1.85 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.81.

Several brokerages have weighed in on CLI. Deutsche Bank boosted their price objective on Mack Cali Realty from $21.00 to $22.00 and gave the stock a hold rating in a research note on Wednesday, August 29th. Stifel Nicolaus reaffirmed a hold rating and set a $23.00 target price (up previously from $21.00) on shares of Mack Cali Realty in a research note on Thursday, August 16th. ValuEngine raised Mack Cali Realty from a sell rating to a hold rating in a research note on Wednesday, August 15th. Zacks Investment Research cut Mack Cali Realty from a hold rating to a sell rating in a research note on Monday, July 9th. Finally, Barclays reaffirmed a sell rating and set a $18.00 target price on shares of Mack Cali Realty in a research note on Sunday, October 14th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $21.80.

Shares of CLI traded down $0.12 during mid-day trading on Wednesday, reaching $20.30. 593,200 shares of the company’s stock traded hands, compared to its average volume of 598,597. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 9.10 and a beta of 1.19. Mack Cali Realty has a 12 month low of $15.86 and a 12 month high of $23.45. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.83 and a current ratio of 0.83.

Mack Cali Realty (NYSE:CLI) last released its earnings results on Wednesday, August 1st. The real estate investment trust reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.49). The business had revenue of $126.58 million for the quarter, compared to the consensus estimate of $133.28 million. Mack Cali Realty had a net margin of 13.89% and a return on equity of 4.70%. The company’s quarterly revenue was down 90.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. As a group, analysts predict that Mack Cali Realty will post 1.83 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Tuesday, October 2nd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, October 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.94%. Mack Cali Realty’s dividend payout ratio is 35.87%.

In related news, EVP Robert Andrew Marshall sold 1,426 shares of the stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $21.28, for a total value of $30,345.28. Following the transaction, the executive vice president now owns 1,426 shares of the company’s stock, valued at $30,345.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.83% of the company’s stock.

Mack Cali Realty Company Profile

Mack-Cali Realty Corporation is fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.

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Earnings History and Estimates for Mack Cali Realty (NYSE:CLI)

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