Credit Suisse Group set a $111.00 price target on CoreSite Realty (NYSE:COR) in a report issued on Wednesday morning. The brokerage currently has a hold rating on the real estate investment trust’s stock.
“We generally view CoreSite as a very well executed company in the data center space but remain on the sidelines for two main reasons: 1) Valuation and trading multiples remain above peers in an increasingly competitive data center market; 2) Beyond CoreSite’s data center expansions into Reston, VA, we have little visibility into the other strategies the company might be pursuing.”,” Credit Suisse Group’s analyst commented.
Several other analysts have also commented on the stock. Citigroup increased their target price on shares of CoreSite Realty from $109.00 to $115.00 and gave the company a buy rating in a research note on Friday, October 27th. SunTrust Banks reissued a buy rating and set a $133.00 target price on shares of CoreSite Realty in a research note on Thursday, December 7th. Zacks Investment Research lowered shares of CoreSite Realty from a buy rating to a hold rating in a research note on Thursday, November 2nd. ValuEngine raised shares of CoreSite Realty from a hold rating to a buy rating in a research note on Thursday, November 9th. Finally, Cowen reissued a buy rating and set a $111.00 target price on shares of CoreSite Realty in a research note on Thursday, October 19th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $110.75.
CoreSite Realty (NYSE:COR) last released its earnings results on Thursday, October 26th. The real estate investment trust reported $0.46 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.64). CoreSite Realty had a net margin of 15.21% and a return on equity of 15.35%. The business had revenue of $123.07 million for the quarter, compared to analyst estimates of $121.27 million. During the same period in the prior year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. equities analysts forecast that CoreSite Realty will post 4.48 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.65%. This is a positive change from CoreSite Realty’s previous quarterly dividend of $0.90. CoreSite Realty’s payout ratio is currently 213.04%.
In other news, CFO Jeffrey S. Finnin sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $109.39, for a total transaction of $875,120.00. Following the sale, the chief financial officer now owns 98,562 shares in the company, valued at $10,781,697.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Steven James Smith sold 7,121 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $112.73, for a total transaction of $802,750.33. Following the sale, the senior vice president now owns 48,137 shares in the company, valued at approximately $5,426,484.01. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 150,000 shares of company stock worth $55,000 and have sold 20,121 shares worth $2,224,720. 1.50% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Eagle Asset Management Inc. raised its holdings in shares of CoreSite Realty by 4.4% during the third quarter. Eagle Asset Management Inc. now owns 66,444 shares of the real estate investment trust’s stock valued at $7,428,000 after acquiring an additional 2,771 shares during the period. Chicago Equity Partners LLC acquired a new stake in shares of CoreSite Realty during the third quarter valued at approximately $630,000. Janus Henderson Group PLC acquired a new stake in shares of CoreSite Realty during the third quarter valued at approximately $9,571,000. Ranger Global Real Estate Advisors LLC acquired a new stake in shares of CoreSite Realty during the third quarter valued at approximately $8,529,000. Finally, Oppenheimer Asset Management Inc. increased its stake in CoreSite Realty by 64.4% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 11,303 shares of the real estate investment trust’s stock valued at $1,266,000 after buying an additional 4,428 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.
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About CoreSite Realty
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust. The Company, through its controlling interest in CoreSite, L.P., 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, New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.
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