CoreSite Realty Corp. (COR) Sees Large Volume Increase
CoreSite Realty Corp. (NYSE:COR) shares saw strong trading volume on Thursday . 492,723 shares traded hands during trading, a decline of 17% from the previous session’s volume of 590,158 shares.The stock last traded at $84.84 and had previously closed at $85.83.
A number of equities research analysts have weighed in on the company. Zacks Investment Research raised CoreSite Realty Corp. from a “hold” rating to a “strong-buy” rating and set a $83.00 price objective on the stock in a report on Tuesday, April 19th. Canaccord Genuity assumed coverage on CoreSite Realty Corp. in a report on Tuesday, June 7th. They set a “buy” rating and a $92.00 price objective on the stock. Citigroup Inc. lifted their price objective on CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. Stephens downgraded CoreSite Realty Corp. from an “overweight” rating to an “equal weight” rating in a report on Friday, April 29th. Finally, Stifel Nicolaus downgraded CoreSite Realty Corp. from a “hold” rating to a “sell” rating and set a $79.00 price objective on the stock. in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $76.06.
The stock has a market cap of $2.57 billion and a PE ratio of 70.60. The stock has a 50-day moving average of $84.23 and a 200-day moving average of $71.06.
CoreSite Realty Corp. (NYSE:COR) last issued its quarterly earnings data on Thursday, April 28th. The real estate investment trust reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.03. During the same quarter last year, the business earned $0.64 earnings per share. The company had revenue of $92.48 million for the quarter, compared to analyst estimates of $93.90 million. The company’s revenue was up 23.9% on a year-over-year basis. On average, analysts expect that CoreSite Realty Corp. will post $3.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $2.12 annualized dividend and a yield of 2.52%.
In other news, CFO Jeffrey S. Finnin sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $75.52, for a total transaction of $302,080.00. Following the transaction, the chief financial officer now directly owns 124,944 shares of the company’s stock, valued at $9,435,770.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Derek Mccandless sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $75.47, for a total transaction of $754,700.00. Following the transaction, the senior vice president now directly owns 86,066 shares in the company, valued at $6,495,401.02. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have made changes to their positions in COR. OppenheimerFunds Inc. acquired a new position in shares of CoreSite Realty Corp. during the fourth quarter valued at approximately $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 valued at $15,149,000 after buying an additional 155,212 shares in the last quarter. 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 valued at $21,553,000 after buying an additional 113,054 shares in the last quarter. 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 valued at $11,781,000 after buying an additional 35,052 shares in the last quarter. 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 valued at $1,646,000 after buying an additional 23,471 shares in the last quarter.
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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