Long Pond Capital LP Takes $9.98 Million Position in Mack Cali Realty Corp (NYSE:CLI)

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Long Pond Capital LP acquired a new position in shares of Mack Cali Realty Corp (NYSE:CLI) in the 1st quarter, Holdings Channel reports. The fund acquired 449,751 shares of the real estate investment trust’s stock, valued at approximately $9,984,000.

A number of other hedge funds have also recently modified their holdings of the stock. Oregon Public Employees Retirement Fund increased its stake in Mack Cali Realty by 1,859.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 698,717 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 663,050 shares during the last quarter. Marshall Wace North America L.P. increased its stake in Mack Cali Realty by 35.9% in the first quarter. Marshall Wace North America L.P. now owns 3,408 shares of the real estate investment trust’s stock valued at $76,000 after purchasing an additional 900 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Mack Cali Realty by 39.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,954 shares of the real estate investment trust’s stock valued at $96,000 after purchasing an additional 1,410 shares during the last quarter. Dupont Capital Management Corp acquired a new position in Mack Cali Realty in the fourth quarter valued at $159,000. Finally, Janney Montgomery Scott LLC acquired a new position in Mack Cali Realty in the first quarter valued at $210,000. 92.72% of the stock is owned by hedge funds and other institutional investors.

CLI stock traded down $0.13 during trading on Friday, reaching $24.34. 3,688 shares of the stock traded hands, compared to its average volume of 339,593. Mack Cali Realty Corp has a 52-week low of $18.74 and a 52-week high of $24.88. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.38. The company has a market cap of $2.18 billion, a PE ratio of 13.27 and a beta of 1.05.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Tuesday, July 2nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Monday, July 1st. Mack Cali Realty’s dividend payout ratio (DPR) is presently 43.72%.

CLI has been the subject of several analyst reports. BTIG Research upgraded Mack Cali Realty from a “neutral” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Tuesday, March 19th. Zacks Investment Research upgraded Mack Cali Realty from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Deutsche Bank upped their target price on Mack Cali Realty from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Wednesday, April 10th. Stifel Nicolaus upgraded Mack Cali Realty from a “hold” rating to a “buy” rating and set a $21.73 target price for the company in a research note on Tuesday, April 16th. Finally, TheStreet upgraded Mack Cali Realty from a “c” rating to a “b-” rating in a research note on Monday, May 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $21.96.

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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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Want to see what other hedge funds are holding CLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mack Cali Realty Corp (NYSE:CLI).

Institutional Ownership by Quarter for Mack Cali Realty (NYSE:CLI)

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