Mack Cali Realty Corp (NYSE:CLI) declared a quarterly dividend on Thursday, March 14th, RTT News reports. Shareholders of record on Tuesday, April 2nd will be paid a dividend of 0.20 per share by the real estate investment trust on Friday, April 12th. This represents a $0.80 dividend on an annualized basis and a yield of 3.75%.
Mack Cali Realty has raised its dividend payment by an average of 10.1% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Mack Cali Realty has a payout ratio of 43.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Mack Cali Realty to earn $1.78 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 44.9%.
Shares of NYSE CLI traded down $0.15 during midday trading on Thursday, hitting $21.31. 3,097 shares of the company’s stock were exchanged, compared to its average volume of 443,185. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.65. The company has a market cap of $1.94 billion, a PE ratio of 11.66 and a beta of 1.10. Mack Cali Realty has a twelve month low of $15.86 and a twelve month high of $22.26.
A number of equities research analysts have weighed in on the company. SunTrust Banks restated a “buy” rating on shares of Mack Cali Realty in a research report on Monday, December 3rd. ValuEngine upgraded Mack Cali Realty from a “hold” rating to a “buy” rating in a research report on Friday, February 8th. Finally, Zacks Investment Research upgraded Mack Cali Realty from a “sell” rating to a “hold” rating in a research report on Wednesday, December 5th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $20.25.
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About Mack Cali Realty
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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