Mack Cali Realty Corp (NYSE:CLI) Sees Large Growth in Short Interest

Mack Cali Realty Corp (NYSE:CLI) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,830,000 shares, an increase of 7.0% from the August 15th total of 1,710,000 shares. Based on an average daily trading volume, of 439,300 shares, the short-interest ratio is currently 4.2 days. Currently, 2.1% of the company’s shares are sold short.

Several equities research analysts have issued reports on the stock. TheStreet cut shares of Mack Cali Realty from a “b-” rating to a “c+” rating in a research report on Wednesday, August 28th. BTIG Research reissued a “buy” rating and issued a $30.00 price objective (up from $26.00) on shares of Mack Cali Realty in a research report on Thursday, June 13th. ValuEngine cut shares of Mack Cali Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Evercore ISI reissued a “hold” rating and issued a $24.00 price objective on shares of Mack Cali Realty in a research report on Sunday, August 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Mack Cali Realty has an average rating of “Hold” and a consensus target price of $22.62.

Mack Cali Realty stock traded down $0.02 during trading hours on Monday, hitting $21.75. The company had a trading volume of 31,253 shares, compared to its average volume of 457,270. The firm has a market cap of $1.96 billion, a P/E ratio of 11.89, a P/E/G ratio of 5.66 and a beta of 1.08. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.86 and a current ratio of 0.86. Mack Cali Realty has a 1 year low of $18.74 and a 1 year high of $24.88. The company has a 50-day moving average price of $21.35 and a two-hundred day moving average price of $22.50.

Mack Cali Realty (NYSE:CLI) last posted its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.41 by ($0.84). Mack Cali Realty had a net margin of 49.47% and a return on equity of 14.57%. The business had revenue of $130.46 million during the quarter, compared to the consensus estimate of $132.61 million. During the same quarter in the prior year, the firm posted $0.45 EPS. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Mack Cali Realty will post 1.62 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, October 4th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.80 annualized dividend and a dividend yield of 3.68%. Mack Cali Realty’s dividend payout ratio is currently 43.72%.

Large investors have recently bought and sold shares of the company. KBC Group NV raised its holdings in shares of Mack Cali Realty by 1,294.9% in the 2nd quarter. KBC Group NV now owns 19,208 shares of the real estate investment trust’s stock valued at $447,000 after purchasing an additional 17,831 shares in the last quarter. Long Pond Capital LP bought a new stake in shares of Mack Cali Realty in the 1st quarter valued at about $9,984,000. Convergence Investment Partners LLC raised its holdings in shares of Mack Cali Realty by 68.8% in the 2nd quarter. Convergence Investment Partners LLC now owns 51,995 shares of the real estate investment trust’s stock valued at $1,211,000 after purchasing an additional 21,200 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Mack Cali Realty in the 2nd quarter valued at about $623,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Mack Cali Realty by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,662,148 shares of the real estate investment trust’s stock valued at $38,711,000 after purchasing an additional 56,100 shares in the last quarter. Institutional investors and hedge funds own 92.35% of the company’s stock.

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.

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