CoreSite Realty Corp. (NYSE:COR) Given Consensus Recommendation of “Buy” by Analysts
CoreSite Realty Corp. (NYSE:COR) has been given an average recommendation of “Buy” by the ten research firms that are currently covering the company. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $78.64.
Several brokerages have issued reports on COR. SunTrust Banks Inc. began coverage on shares of CoreSite Realty Corp. in a report on Thursday, July 21st. They issued a “buy” rating and a $100.00 price target on the stock. Zacks Investment Research lowered shares of CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a report on Thursday, August 25th. Jefferies Group reissued a “buy” rating on shares of CoreSite Realty Corp. in a report on Tuesday, September 6th. Citigroup Inc. boosted their price target on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. Finally, Stifel Nicolaus upgraded shares of CoreSite Realty Corp. from a “sell” rating to a “hold” rating and set a $75.00 target price on the stock in a research note on Monday.
In related news, CFO Jeffrey S. Finnin sold 8,000 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $82.61, for a total transaction of $660,880.00. Following the transaction, the chief financial officer now owns 117,644 shares in the company, valued at approximately $9,718,570.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Derek Mccandless sold 10,000 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $82.37, for a total transaction of $823,700.00. Following the transaction, the senior vice president now owns 76,066 shares in the company, valued at approximately $6,265,556.42. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. M&T Bank Corp increased its position in shares of CoreSite Realty Corp. by 1.3% in the first quarter. M&T Bank Corp now owns 5,487 shares of the real estate investment trust’s stock valued at $383,000 after buying an additional 72 shares during the period. Palisade Capital Management LLC NJ increased its position in CoreSite Realty Corp. by 10.5% in the first quarter. Palisade Capital Management LLC NJ now owns 234,963 shares of the real estate investment trust’s stock worth $16,450,000 after buying an additional 22,384 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new position in CoreSite Realty Corp. during the first quarter worth about $1,004,000. Acrospire Investment Management LLC acquired a new position in CoreSite Realty Corp. during the first quarter worth about $210,000. Finally, BlackRock Japan Co. Ltd increased its position in 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 last quarter. Institutional investors and hedge funds own 95.19% of the company’s stock.
CoreSite Realty Corp. (NYSE:COR) traded down 1.34% during trading on Thursday, reaching $71.18. 290,237 shares of the company’s stock traded hands. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 53.28 and a beta of 0.81. The firm’s 50 day moving average is $77.81 and its 200-day moving average is $78.35. CoreSite Realty Corp. has a 12 month low of $53.62 and a 12 month high of $91.91.
CoreSite Realty Corp. (NYSE:COR) last announced its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.03. The firm had revenue of $96.10 million for the quarter, compared to analyst estimates of $96.09 million. CoreSite Realty Corp. had a net margin of 12.52% and a return on equity of 9.02%. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 EPS. Analysts expect that CoreSite Realty Corp. will post $3.61 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.12 annualized dividend and a yield of 2.94%. CoreSite Realty Corp.’s dividend payout ratio (DPR) is 160.61%.
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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