Zacks: Brokerages Anticipate CoreSite (COR) Will Announce Earnings of $1.23 Per Share

Equities analysts expect CoreSite (NYSE:COR) to announce earnings of $1.23 per share for the current quarter, Zacks reports. Seven analysts have provided estimates for CoreSite’s earnings. The highest EPS estimate is $1.27 and the lowest is $1.19. CoreSite posted earnings per share of $1.13 during the same quarter last year, which suggests a positive year over year growth rate of 8.8%. The company is expected to issue its next quarterly earnings report before the market opens on Thursday, April 26th.

On average, analysts expect that CoreSite will report full-year earnings of $5.00 per share for the current financial year, with EPS estimates ranging from $4.93 to $5.05. For the next year, analysts forecast that the business will report earnings of $5.56 per share, with EPS estimates ranging from $5.23 to $5.75. Zacks’ earnings per share averages are a mean average based on a survey of analysts that that provide coverage for CoreSite.

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CoreSite (NYSE:COR) last issued its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.04. The company had revenue of $125.95 million during the quarter, compared to analyst estimates of $125.71 million. CoreSite had a net margin of 15.54% and a return on equity of 16.77%. The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.06 EPS.

A number of analysts have recently weighed in on the stock. Moffett Nathanson assumed coverage on shares of CoreSite in a research note on Monday, April 9th. They issued a “buy” rating and a $125.00 price target for the company. Jefferies Group reaffirmed a “buy” rating on shares of CoreSite in a research note on Thursday, February 8th. Raymond James Financial raised shares of CoreSite from a “market perform” rating to an “outperform” rating in a research note on Monday, March 12th. UBS raised shares of CoreSite from a “market perform” rating to an “outperform” rating in a research note on Monday, March 12th. Finally, Citigroup reduced their price target on shares of CoreSite from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $113.64.

In related news, CEO Paul E. Szurek sold 2,610 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $101.91, for a total transaction of $265,985.10. Following the completion of the sale, the chief executive officer now directly owns 89,560 shares of the company’s stock, valued at $9,127,059.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Brian Warren sold 1,242 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $91.62, for a total transaction of $113,792.04. Following the sale, the senior vice president now directly owns 38,169 shares of the company’s stock, valued at $3,497,043.78. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 148,000 shares of company stock valued at $48,780 and have sold 39,510 shares valued at $3,822,268. 1.50% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in COR. Financial Gravity Companies Inc. acquired a new stake in shares of CoreSite during the fourth quarter valued at approximately $183,000. Intrust Bank NA acquired a new stake in shares of CoreSite during the fourth quarter valued at approximately $200,000. Jaffetilchin Investment Partners LLC acquired a new stake in shares of CoreSite during the fourth quarter valued at approximately $208,000. Jefferies Group LLC acquired a new stake in shares of CoreSite during the fourth quarter valued at approximately $210,000. Finally, Eagle Boston Investment Management Inc. acquired a new stake in shares of CoreSite during the fourth quarter valued at approximately $219,000. 99.35% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:COR traded up $0.22 during trading on Monday, reaching $102.59. The company had a trading volume of 73,225 shares, compared to its average volume of 406,463. The firm has a market cap of $3,505.47, a P/E ratio of 22.60, a P/E/G ratio of 1.21 and a beta of 0.39. CoreSite has a twelve month low of $89.76 and a twelve month high of $120.85. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 2.24.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 3.82%. The ex-dividend date is Wednesday, March 28th. CoreSite’s dividend payout ratio is presently 86.73%.

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About CoreSite

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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Earnings History and Estimates for CoreSite (NYSE:COR)

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