CoreSite Realty Corp. (COR) Upgraded at Stifel Nicolaus
Stifel Nicolaus upgraded shares of CoreSite Realty Corp. (NYSE:COR) from a sell rating to a hold rating in a research note released on Monday. Stifel Nicolaus currently has $75.00 price target on the real estate investment trust’s stock.
Several other research analysts have also recently commented on COR. SunTrust Banks Inc. began coverage on CoreSite Realty Corp. in a research note on Thursday, July 21st. They issued a buy rating and a $100.00 price target on the stock. Zacks Investment Research cut CoreSite Realty Corp. from a buy rating to a hold rating in a research note on Thursday, August 25th. Jefferies Group restated a buy rating on shares of CoreSite Realty Corp. in a research note on Tuesday, September 6th. 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. Finally, Canaccord Genuity started coverage on CoreSite Realty Corp. in a research note on Tuesday, June 7th. They set a buy rating and a $92.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $77.06.
Shares of CoreSite Realty Corp. (NYSE:COR) opened at 72.15 on Monday. CoreSite Realty Corp. has a 52-week low of $53.62 and a 52-week high of $91.91. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 54.00 and a beta of 0.81. The firm has a 50-day moving average price of $77.81 and a 200-day moving average price of $78.35.
CoreSite Realty Corp. (NYSE:COR) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.03. CoreSite Realty Corp. had a return on equity of 9.02% and a net margin of 12.52%. The business had revenue of $96.10 million for the quarter, compared to analysts’ expectations of $96.09 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was up 17.9% compared to the same quarter last year. Analysts predict that CoreSite Realty Corp. will post $3.61 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Wednesday, September 28th. CoreSite Realty Corp.’s dividend payout ratio (DPR) is presently 160.61%.
In related news, SVP Derek Mccandless sold 10,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $82.37, for a total value of $823,700.00. Following the completion of the transaction, the senior vice president now directly owns 76,066 shares of the company’s stock, valued at approximately $6,265,556.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $82.61, for a total value of $660,880.00. Following the completion of the transaction, the chief financial officer now directly owns 117,644 shares of the company’s stock, valued at $9,718,570.84. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Howe & Rusling Inc. acquired a new position in shares of CoreSite Realty Corp. during the second quarter worth about $114,000. BlackRock Inc. raised its position in shares of CoreSite Realty Corp. by 18.0% in the first quarter. BlackRock Inc. now owns 2,056 shares of the real estate investment trust’s stock worth $143,000 after buying an additional 314 shares during the period. BlackRock Japan Co. Ltd raised its position in shares of CoreSite Realty Corp. by 18.0% in the first quarter. BlackRock Japan Co. Ltd now owns 2,270 shares of the real estate investment trust’s stock worth $159,000 after buying an additional 346 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of CoreSite Realty Corp. during the second quarter worth about $159,000. Finally, Acrospire Investment Management LLC acquired a new position in shares of CoreSite Realty Corp. during the first quarter worth about $210,000. 95.19% of the stock is owned by institutional investors and hedge funds.
CoreSite Realty Corp. Company Profile
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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