Mack-Cali Realty (NYSE: CLI) was demoted by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released Monday, Zacks.com reports. They currently have a price target of $ 18.00 on REIT shares. Zacks Investment Research’s price target points to a potential rise of 4.41% from the share’s previous close.
According to Zacks, “Mack-Cali’s strong first quarter 2021 results were supported by higher rental activity in its office and multi-family housing portfolios. Yet the dilution of profits resulting from the sale of suburban assets has been a deterrent. He remains focused on a sales strategy. suburban non-core office assets and use the proceeds to pay off debt. Additionally, investments in waterfront properties on the Hudson River have improved the quality of assets and will help Mack-Cali meet the growing demand for highly serviced office space. The company’s shares outperformed However, Mack-Cali’s heavily leveraged balance sheet limits its ability to withstand any future credit crunch and unanticipated negative externalities. In addition, in order to preserve its financial flexibility in the midst of uncertainties, quarterly dividends remain suspended. “
Separately, Deutsche Bank Aktiengesellschaft lowered its price target on Mack-Cali Realty shares from $ 14.00 to $ 13.00 and set a “hold” rating on the share in a research report on Monday April 19.
NYSE: CLI traded as high as $ 0.29 during trading hours on Monday, reaching $ 17.24. The company had a trading volume of 9,451 shares, compared to its average volume of 595,487. The company has a market capitalization of $ 1.56 billion, a price / earnings ratio of -101.41 and a beta of 1. , 05. The company has a current ratio of 1.84, a quick ratio of 1.84, and a debt ratio of 1.78. The company’s 50-day mobile average price is $ 16.33 and its 200-day mobile average price is $ 14.31. Mack-Cali Realty has a 52 week low of $ 10.35 and a 52 week high of $ 18.83.
Mack-Cali Realty (NYSE: CLI) last released its quarterly results on Thursday, February 25. The REIT reported earnings per share (EPS) of $ 0.22 for the quarter, missing the Zacks’ consensus estimate of $ 0.24 of ($ 0.02). Mack-Cali Realty posted a negative return on equity of 8.16% and a negative net margin of 1.27%. On average, analysts predict that Mack-Cali Realty will post 0.53 earnings per share for the current fiscal year.
Similarly, director A. Akiva Katz acquired 345,963 shares in a transaction dated Thursday, March 25. The shares were purchased at an average cost of $ 15.52 per share, for a total value of $ 5,369,345.75. As a result of the transaction, the director now directly owns 8,686 shares of the company, valued at $ 134,806.72. The acquisition was disclosed in a file with the SEC, which is accessible through the SEC’s website. Insiders bought 1,107,963 shares of the company valued at $ 17,006,256 in the past 90 days. Company insiders own 6.83% of the company’s shares.
Several hedge funds and other institutional investors have recently changed their positions in CLI. Norges Bank acquired a new position in shares of Mack-Cali Realty during the 4th quarter valued at $ 11,881,000. BlackRock Inc. increased its stake in shares of Mack-Cali Realty by 5.8% in the fourth quarter. BlackRock Inc. now owns 15,654,125 REIT shares valued at $ 195,050,000 after acquiring an additional 858,129 shares during the period. Northwood Liquid Management LP increased its position in shares of Mack-Cali Realty by 190.2% during the first quarter. Northwood Liquid Management LP now owns 1,292,759 REITs worth $ 20,012,000 after purchasing an additional 847,338 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Mack-Cali Realty by 43.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,198,687 Real Estate Investment Trust shares worth $ 18,556,000 after purchasing an additional 361,737 shares during the period. Finally, NN Investment Partners Holdings NV acquired a new position in Mack-Cali Realty in the 1st quarter for a value of approximately $ 5,285,000. 88.56% of the shares are held by hedge funds and other institutional investors.
About Mack-Cali Realty
Mack-Cali Realty Corporation, one of the nation’s leading real estate investment trusts (REITs), owns, manages and promotes premier office and multi-family properties in select waterfront and transit markets across the country. New Jersey. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city’s thriving waterfront, where the company leads development, improvement and space-creation initiatives for Harborside, a destination planned consisting of class A offices, luxury apartments, diverse shops and restaurants and public spaces.
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