Mack Cali Realty (NYSE:CLI) Price Target Raised to $23.00 at Deutsche Bank

Mack Cali Realty (NYSE:CLI) had its price objective hoisted by analysts at Deutsche Bank from $21.00 to $23.00 in a research report issued to clients and investors on Wednesday, April 10th, Stock Target Advisor reports. The firm currently has a “hold” rating on the real estate investment trust’s stock. Deutsche Bank’s target price would suggest a potential downside of 1.88% from the stock’s previous close.

Several other research firms have also recently weighed in on CLI. SunTrust Banks cut shares of Mack Cali Realty from a “buy” rating to a “hold” rating in a report on Tuesday, January 15th. BTIG Research upgraded shares of Mack Cali Realty from a “neutral” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Tuesday, March 19th. Zacks Investment Research cut shares of Mack Cali Realty from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 6th. Finally, ValuEngine raised Mack Cali Realty from a “hold” rating to a “buy” rating in a research report on Friday, February 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Mack Cali Realty currently has an average rating of “Hold” and a consensus target price of $21.75.

NYSE CLI traded up $0.49 on Wednesday, reaching $23.44. 420,722 shares of the company’s stock traded hands, compared to its average volume of 443,320. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.88 and a quick ratio of 0.88. Mack Cali Realty has a 12 month low of $17.43 and a 12 month high of $23.64. The stock has a market capitalization of $2.10 billion, a P/E ratio of 12.81 and a beta of 1.11.

Mack Cali Realty (NYSE:CLI) last issued its earnings results on Wednesday, February 20th. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.45. The firm had revenue of $132.94 million for the quarter, compared to analysts’ expectations of $133.43 million. Mack Cali Realty had a net margin of 14.71% and a return on equity of 4.62%. The business’s revenue was down 7.4% on a year-over-year basis. During the same quarter last year, the business earned $0.50 earnings per share. As a group, equities analysts expect that Mack Cali Realty will post 1.64 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Texas Permanent School Fund grew its holdings in Mack Cali Realty by 3.8% during the first quarter. Texas Permanent School Fund now owns 61,326 shares of the real estate investment trust’s stock worth $1,361,000 after acquiring an additional 2,222 shares during the period. Rhumbline Advisers grew its holdings in Mack Cali Realty by 0.9% during the first quarter. Rhumbline Advisers now owns 299,490 shares of the real estate investment trust’s stock worth $6,649,000 after acquiring an additional 2,562 shares during the period. Convergence Investment Partners LLC grew its holdings in Mack Cali Realty by 76.9% during the first quarter. Convergence Investment Partners LLC now owns 30,795 shares of the real estate investment trust’s stock worth $684,000 after acquiring an additional 13,384 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Mack Cali Realty during the first quarter worth about $210,000. Finally, Dupont Capital Management Corp grew its holdings in Mack Cali Realty by 59.6% during the first quarter. Dupont Capital Management Corp now owns 12,985 shares of the real estate investment trust’s stock worth $288,000 after acquiring an additional 4,848 shares during the period. 98.27% of the stock is owned by institutional investors and hedge funds.

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.

See Also: Return on Equity (ROE)

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