Published On: Fri, Sep 16th, 2016

Mack-Cali Realty Corp. (CLI) Upgraded by Zacks Investment Research to Buy

Mack-Cali Realty Corp. (NYSE:CLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm presently has a $30.00 price objective on the real estate investment trust’s stock. Zacks Investment Research’s price objective points to a potential upside of 13.38% from the company’s current price.
According to Zacks, “Mack-Cali is making solid strides in its 20/15 strategic plan. Laid down last year, this plan is aimed at transforming Mack-Cali by focusing on waterfront and transit-based office holdings in the Northeast, and on luxury multi-family portfolio growth. It also includes planned exits from non-core markets and capital improvements in core assets. For office portfolio, the company is targeting an increased leased percentage to 90% by the end of 2016 and 93% in 2017. Also, it plans to lower expenses in office operations and reduce credit costs through refinancing options in 2016 and 2017. Such transformations and diversification into the apartment sector are expected to drive growth and improve cash flow. Its funds from operations (FFO) per share estimates have also been moving up lately. Yet, earnings-dilutive effects of disposition and any rise in interest rate are potential headwinds.”
CLI has been the topic of several other research reports. Barclays PLC upped their price objective on shares of Mack-Cali Realty Corp. from $26.00 to $28.00 and gave the stock an “underweight” rating in a report on Tuesday, July 19th. Citigroup Inc. increased their target price on shares of Mack-Cali Realty Corp. from $29.50 to $31.50 and gave the company a “buy” rating in a report on Thursday, July 7th. BTIG Research started coverage on shares of Mack-Cali Realty Corp. in a report on Thursday, August 25th. They issued a “neutral” rating for the company. Stifel Nicolaus increased their target price on shares of Mack-Cali Realty Corp. from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 5th. Finally, Deutsche Bank AG increased their target price on shares of Mack-Cali Realty Corp. from $25.00 to $28.00 and gave the company a “hold” rating in a report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Mack-Cali Realty Corp. presently has an average rating of “Hold” and a consensus target price of $27.31.

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Shares of Mack-Cali Realty Corp. (NYSE:CLI) opened at 26.46 on Friday. The company’s market cap is $2.37 billion. The company’s 50 day moving average is $27.69 and its 200 day moving average is $25.82. Mack-Cali Realty Corp. has a one year low of $17.35 and a one year high of $29.25.
Mack-Cali Realty Corp. (NYSE:CLI) last released its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. Mack-Cali Realty Corp. had a negative net margin of 8.07% and a negative return on equity of 2.79%. The firm had revenue of $149.23 million for the quarter, compared to the consensus estimate of $156.82 million. During the same quarter in the prior year, the company posted $0.46 earnings per share. On average, equities analysts predict that Mack-Cali Realty Corp. will post $2.11 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of CLI. Kempen Capital Management N.V. raised its position in shares of Mack-Cali Realty Corp. by 19.3% in the first quarter. Kempen Capital Management N.V. now owns 89,214 shares of the real estate investment trust’s stock worth $2,096,000 after buying an additional 14,414 shares in the last quarter. M&T Bank Corp raised its position in shares of Mack-Cali Realty Corp. by 10.9% in the first quarter. M&T Bank Corp now owns 11,653 shares of the real estate investment trust’s stock worth $274,000 after buying an additional 1,142 shares in the last quarter. Menta Capital LLC acquired a new position in shares of Mack-Cali Realty Corp. during the first quarter worth $1,805,000. JPMorgan Chase & Co. raised its position in shares of Mack-Cali Realty Corp. by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 398,684 shares of the real estate investment trust’s stock worth $9,370,000 after buying an additional 2,575 shares in the last quarter. Finally, BlackRock Japan Co. Ltd raised its position in shares of Mack-Cali Realty Corp. by 1.5% in the first quarter. BlackRock Japan Co. Ltd now owns 4,722 shares of the real estate investment trust’s stock worth $111,000 after buying an additional 72 shares in the last quarter.
Mack-Cali Realty Corp. 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 located primarily in the Northeast. The Company’s segments include commercial and other real estate, multi-family real estate, multi-family services, and corporate & other.

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