Zacks Investment Research upgraded shares of Mack-Cali Realty Corp. (NYSE:CLI) from a hold rating to a buy rating in a research report report published on Friday morning. Zacks Investment Research currently has $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 company. Stifel Nicolaus upped their price objective on Mack-Cali Realty Corp. from $28.00 to $30.00 and gave the company a buy rating in a research note on Friday, August 5th. Citigroup Inc. upped their price objective on Mack-Cali Realty Corp. from $29.50 to $31.50 and gave the company a buy rating in a research note on Thursday, July 7th. Deutsche Bank AG upped their price objective on Mack-Cali Realty Corp. from $25.00 to $28.00 and gave the company a hold rating in a research note on Monday, July 18th. BTIG Research began coverage on Mack-Cali Realty Corp. in a research note on Thursday, August 25th. They issued a neutral rating for the company. Finally, Barclays PLC upped their target price on 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 investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $27.31.

Shares of Mack-Cali Realty Corp. (NYSE:CLI) opened at 26.76 on Friday. The firm’s market capitalization is $2.40 billion. Mack-Cali Realty Corp. has a one year low of $17.35 and a one year high of $29.25. The firm’s 50-day moving average is $27.56 and its 200 day moving average is $26.02.

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

Several institutional investors have recently bought and sold shares of the company. LSV Asset Management boosted its position in Mack-Cali Realty Corp. by 90.6% in the second quarter. LSV Asset Management now owns 4,036,894 shares of the real estate investment trust’s stock worth $108,996,000 after buying an additional 1,918,895 shares during the last quarter. American Century Companies Inc. acquired a new position in Mack-Cali Realty Corp. during the second quarter worth about $29,205,000. Norges Bank acquired a new position in Mack-Cali Realty Corp. during the fourth quarter worth about $19,219,000. Principal Financial Group Inc. boosted its position in Mack-Cali Realty Corp. by 251.1% in the second quarter. Principal Financial Group Inc. now owns 1,060,215 shares of the real estate investment trust’s stock worth $28,626,000 after buying an additional 758,224 shares during the last quarter. Finally, Numeric Investors LLC acquired a new position in Mack-Cali Realty Corp. during the second quarter worth about $19,034,000.

About Mack-Cali Realty Corp.

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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