Zacks Investment Research upgraded shares of Mack-Cali Realty Corp. (NYSE:CLI) from a hold rating to a buy rating in a research report released on Friday morning. They currently have $30.00 target price on the real estate investment trust’s stock.

According to Zacks, “Mack-Cali is making solid strides in its 20/15 strategic plan. Laid down last year, this plan is aimed at transforming Mack-Cali by focusing on waterfront and transit-based office holdings in the Northeast, and on luxury multi-family portfolio growth. It also includes planned exits from non-core markets and capital improvements in core assets. For office portfolio, the company is targeting an increased leased percentage to 90% by the end of 2016 and 93% in 2017. Also, it plans to lower expenses in office operations and reduce credit costs through refinancing options in 2016 and 2017. Such transformations and diversification into the apartment sector are expected to drive growth and improve cash flow. Its funds from operations (FFO) per share estimates have also been moving up lately. Yet, earnings-dilutive effects of disposition and any rise in interest rate are potential headwinds.”

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus upped their target price on shares of Mack-Cali Realty Corp. from $28.00 to $30.00 and gave the stock a buy rating in a report on Friday, August 5th. Citigroup Inc. upped their target price on shares of Mack-Cali Realty Corp. from $29.50 to $31.50 and gave the stock a buy rating in a report on Thursday, July 7th. Deutsche Bank AG upped their target price on shares of Mack-Cali Realty Corp. from $25.00 to $28.00 and gave the stock a hold rating in a report on Monday, July 18th. BTIG Research began coverage on shares of Mack-Cali Realty Corp. in a report on Thursday, August 25th. They set a neutral rating for the company. Finally, Barclays PLC increased their price objective on shares of Mack-Cali Realty Corp. from $26.00 to $28.00 and gave the company an underweight rating in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Mack-Cali Realty Corp. presently has a consensus rating of Hold and an average price target of $27.31.

Mack-Cali Realty Corp. (NYSE:CLI) opened at 27.20 on Friday. The stock’s market cap is $2.44 billion. Mack-Cali Realty Corp. has a 12-month low of $17.35 and a 12-month high of $29.25. The stock has a 50 day moving average price of $27.56 and a 200 day moving average price of $26.03.

Mack-Cali Realty Corp. (NYSE:CLI) last issued its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The company earned $149.23 million during the quarter, compared to the consensus estimate of $156.82 million. Mack-Cali Realty Corp. had a negative net margin of 8.07% and a negative return on equity of 2.79%. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, analysts forecast that Mack-Cali Realty Corp. will post $2.11 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Mack-Cali Realty Corp. by 0.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,934 shares of the real estate investment trust’s stock worth $133,000 after buying an additional 13 shares during the period. BlackRock Japan Co. Ltd raised its stake in Mack-Cali Realty Corp. by 1.5% in the first quarter. BlackRock Japan Co. Ltd now owns 4,722 shares of the real estate investment trust’s stock worth $111,000 after buying an additional 72 shares during the period. State Treasurer State of Michigan raised its stake in Mack-Cali Realty Corp. by 0.6% in the second quarter. State Treasurer State of Michigan now owns 36,000 shares of the real estate investment trust’s stock worth $972,000 after buying an additional 200 shares during the period. Arizona State Retirement System raised its stake in Mack-Cali Realty Corp. by 0.7% in the first quarter. Arizona State Retirement System now owns 42,649 shares of the real estate investment trust’s stock worth $1,002,000 after buying an additional 300 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Mack-Cali Realty Corp. by 3.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 14,578 shares of the real estate investment trust’s stock worth $394,000 after buying an additional 550 shares during the period.

Mack-Cali Realty Corp. Company Profile

Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio of Class A office and office/flex properties located primarily in the Northeast. The Company’s segments include commercial and other real estate, multi-family real estate, multi-family services, and corporate & other.

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