Mack Cali Realty Corp (NYSE:CLI) declared a quarterly dividend on Wednesday, July 1st, Zacks reports. Stockholders of record on Monday, July 13th will be paid a dividend of 0.20 per share by the real estate investment trust on Friday, July 24th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date is Friday, July 10th.
Mack Cali Realty has decreased its dividend payment by an average of 71.5% per year over the last three years and has increased its dividend every year for the last 3 years. Mack Cali Realty has a payout ratio of -131.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Mack Cali Realty to earn $1.04 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 76.9%.
CLI stock opened at $15.26 on Friday. The business has a fifty day moving average price of $15.52 and a 200 day moving average price of $18.43. Mack Cali Realty has a fifty-two week low of $12.90 and a fifty-two week high of $24.09. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -6.90, a P/E/G ratio of 2.75 and a beta of 1.19. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.68 and a quick ratio of 0.68.
Mack Cali Realty (NYSE:CLI) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported ($0.47) earnings per share for the quarter, missing the Zacks' consensus estimate of $0.37 by ($0.84). Mack Cali Realty had a negative net margin of 40.73% and a negative return on equity of 2.99%. The business had revenue of $82.06 million for the quarter, compared to analyst estimates of $124.18 million. During the same period in the prior year, the business earned $0.40 earnings per share. On average, equities analysts expect that Mack Cali Realty will post 1.24 earnings per share for the current fiscal year.
CLI has been the subject of a number of recent analyst reports. Citigroup dropped their price target on Mack Cali Realty from $24.00 to $15.00 and set a "neutral" rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. dropped their price target on Mack Cali Realty from $20.00 to $17.00 and set an "underweight" rating for the company in a report on Tuesday, May 5th. SunTrust Banks decreased their price objective on Mack Cali Realty from $16.00 to $15.00 and set a "hold" rating on the stock in a research report on Monday, May 18th. Finally, TheStreet lowered Mack Cali Realty from a "c" rating to a "d+" rating in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of "Hold" and a consensus target price of $21.50.
Mack Cali Realty Company Profile
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.
Further Reading: Ex-Dividend
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