CoreSite Realty Corp. (NYSE:COR) was upgraded by equities researchers at Stifel Nicolaus from a “sell” rating to a “hold” rating in a research report issued on Monday. The firm currently has a $75.00 target price on the real estate investment trust’s stock. Stifel Nicolaus’ price target points to a potential upside of 1.30% from the company’s previous close.
Several other equities analysts also recently issued reports on the stock. Jefferies Group reaffirmed a “buy” rating on shares of CoreSite Realty Corp. in a research note on Tuesday, September 13th. Zacks Investment Research downgraded shares of CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 25th. SunTrust Banks Inc. assumed coverage on shares of CoreSite Realty Corp. in a research note on Thursday, July 21st. They set a “buy” rating and a $100.00 price target for the company. Citigroup Inc. raised their price target on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th. Finally, Canaccord Genuity assumed coverage on shares of CoreSite Realty Corp. in a research note on Tuesday, June 7th. They set a “buy” rating and a $92.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $77.06.
Shares of CoreSite Realty Corp. (NYSE:COR) opened at 74.04 on Monday. The company has a market capitalization of $2.37 billion, a PE ratio of 55.42 and a beta of 0.82. The company has a 50-day moving average of $78.50 and a 200 day moving average of $78.13. CoreSite Realty Corp. has a 52-week low of $53.13 and a 52-week high of $91.91.
CoreSite Realty Corp. (NYSE:COR) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.03. The firm earned $96.10 million during the quarter, compared to the consensus estimate of $96.09 million. CoreSite Realty Corp. had a net margin of 12.52% and a return on equity of 9.02%. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 earnings per share. Analysts predict that CoreSite Realty Corp. will post $3.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Wednesday, September 28th. CoreSite Realty Corp.’s payout ratio is 160.61%.
In other CoreSite Realty Corp. news, insider Thomas M. Ray sold 21,179 shares of the firm’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $81.57, for a total value of $1,727,571.03. Following the transaction, the insider now directly owns 391,186 shares of the company’s stock, valued at $31,909,042.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $82.61, for a total transaction of $660,880.00. Following the completion of the transaction, the chief financial officer now directly owns 117,644 shares in the company, valued at $9,718,570.84. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services Inc acquired a new position in CoreSite Realty Corp. during the first quarter worth $340,000. Aperio Group LLC raised its position in CoreSite Realty Corp. by 24.8% in the first quarter. Aperio Group LLC now owns 10,905 shares of the real estate investment trust’s stock worth $763,000 after buying an additional 2,164 shares during the period. Nisa Investment Advisors L.L.C. raised its position in CoreSite Realty Corp. by 29.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 17,400 shares of the real estate investment trust’s stock worth $1,218,000 after buying an additional 4,000 shares during the period. TIAA CREF Investment Management LLC raised its position in CoreSite Realty Corp. by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 134,570 shares of the real estate investment trust’s stock worth $9,421,000 after buying an additional 1,195 shares during the period. Finally, Teachers Advisors Inc. raised its position in CoreSite Realty Corp. by 2.8% in the first quarter. Teachers Advisors Inc. now owns 276,231 shares of the real estate investment trust’s stock worth $19,339,000 after buying an additional 7,571 shares during the period. 95.19% of the stock is currently owned by hedge funds and other institutional investors.
About CoreSite Realty Corp.
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust (REIT). Through its controlling interest in CoreSite, L.P. (Operating Partnership), the Company is engaged in the business of ownership, acquisition, construction and operation of data centers across a range of markets in the United States, including the Northern Virginia (including Washington DC), New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.
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