CoreSite Realty Corp. (COR) Trading Down 4.3%
CoreSite Realty Corp. (NYSE:COR) fell 4.3% on Monday . The stock traded as low as $86.69 and last traded at $87.55, with a volume of 740,068 shares changing hands. The stock had previously closed at $91.49.
Several research firms have recently weighed in on COR. Stifel Nicolaus lowered CoreSite Realty Corp. from a “hold” rating to a “sell” rating and set a $79.00 price objective on the stock. in a research note on Monday. Citigroup Inc. upped their price objective on CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th. Canaccord Genuity assumed coverage on CoreSite Realty Corp. in a research note on Tuesday, June 7th. They issued a “buy” rating and a $92.00 price objective on the stock. Stephens lowered CoreSite Realty Corp. from an “overweight” rating to an “equal weight” rating in a research report on Friday, April 29th. Finally, Zacks Investment Research upgraded CoreSite Realty Corp. from a “hold” rating to a “strong-buy” rating and set a $83.00 price target on the stock in a research report on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $76.06.
The company has a market cap of $2.66 billion and a P/E ratio of 73.30. The firm’s 50-day moving average price is $83.38 and its 200-day moving average price is $70.66.
CoreSite Realty Corp. (NYSE:COR) last released its quarterly earnings results on Thursday, April 28th. The real estate investment trust reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The business earned $92.48 million during the quarter, compared to analyst estimates of $93.90 million. The firm’s quarterly revenue was up 23.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 earnings per share. On average, analysts forecast that CoreSite Realty Corp. will post $3.58 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be given a $0.53 dividend. The ex-dividend date is Tuesday, June 28th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.43%.
In other CoreSite Realty Corp. news, CEO Peter D. Staple purchased 12,500 shares of the company’s stock in a transaction dated Monday, May 16th. The stock was bought at an average cost of $3.60 per share, for a total transaction of $45,000.00. Following the completion of the transaction, the chief executive officer now owns 43,000 shares in the company, valued at $154,800. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Derek Mccandless sold 10,000 shares of CoreSite Realty Corp. stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $75.47, for a total transaction of $754,700.00. Following the completion of the sale, the senior vice president now owns 86,066 shares of the company’s stock, valued at $6,495,401.02. The disclosure for this sale can be found here.
Several large investors have added to or reduced their stakes in COR. OppenheimerFunds Inc. acquired a new stake in CoreSite Realty Corp. during the fourth quarter worth $15,036,000. Morgan Stanley boosted its position in shares of CoreSite Realty Corp. by 138.8% in the fourth quarter. Morgan Stanley now owns 267,073 shares of the real estate investment trust’s stock worth $15,149,000 after buying an additional 155,212 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of CoreSite Realty Corp. by 42.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 379,987 shares of the real estate investment trust’s stock worth $21,553,000 after buying an additional 113,054 shares during the period. Principal Financial Group Inc. boosted its position in shares of CoreSite Realty Corp. by 20.3% in the fourth quarter. Principal Financial Group Inc. now owns 207,715 shares of the real estate investment trust’s stock worth $11,781,000 after buying an additional 35,052 shares during the period. Finally, SECOR Capital Advisors LP boosted its position in shares of CoreSite Realty Corp. by 423.0% in the fourth quarter. SECOR Capital Advisors LP now owns 29,020 shares of the real estate investment trust’s stock worth $1,646,000 after buying an additional 23,471 shares during the period.
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered, and self-managed real estate investment trust (REIT). CoreSite, L.P. (Operating Partnership) is a limited partnership of which the Company is the sole general partner. Through its controlling interest in CoreSite, L.P., the Company is engaged in the business of ownership, acquisition, construction and management of data centers across a range of markets in the United States, including the New York; Northern Virginia, which include Washington DC; San Francisco Bay areas; Los Angeles; Chicago; Boston; Miami, and Denver.
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