CoreSite Realty Corp. (COR) Coverage Initiated at Raymond James Financial Inc.
Raymond James Financial Inc. initiated coverage on shares of CoreSite Realty Corp. (NYSE:COR) in a report released on Friday. The firm issued a market perform rating on the real estate investment trust’s stock.
A number of other research analysts have also commented on COR. SunTrust Banks Inc. began coverage on shares of CoreSite Realty Corp. in a research note on Thursday, July 21st. They issued a buy rating and a $100.00 price objective on the stock. Zacks Investment Research downgraded shares of CoreSite Realty Corp. from a buy rating to a hold rating in a report on Thursday, August 25th. Jefferies Group reaffirmed a buy rating on shares of CoreSite Realty Corp. in a report on Tuesday, September 6th. Citigroup Inc. lifted their target price 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 raised 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 report on Monday, October 3rd. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. CoreSite Realty Corp. presently has a consensus rating of Buy and a consensus price target of $79.28.
Shares of CoreSite Realty Corp. (NYSE:COR) opened at 75.55 on Friday. The firm has a 50-day moving average of $76.75 and a 200-day moving average of $78.47. The firm has a market cap of $2.42 billion, a P/E ratio of 56.55 and a beta of 0.81. CoreSite Realty Corp. has a 12-month low of $54.21 and a 12-month high of $91.91.
CoreSite Realty Corp. (NYSE:COR) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The company 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%. CoreSite Realty Corp.’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 earnings per share. On average, equities analysts forecast that CoreSite Realty Corp. will post $3.61 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend is Wednesday, September 28th. CoreSite Realty Corp.’s dividend payout ratio is currently 160.61%.
In other CoreSite Realty Corp. 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 value of $660,880.00. Following the sale, the chief financial officer now owns 117,644 shares of the company’s stock, valued at $9,718,570.84. 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 company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $82.37, for a total transaction of $823,700.00. Following the completion of the sale, the senior vice president now directly owns 76,066 shares in the company, valued at approximately $6,265,556.42. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Howe & Rusling Inc. acquired a new stake in shares of CoreSite Realty Corp. during the second quarter valued at about $114,000. Tower Research Capital LLC TRC acquired a new stake in shares of CoreSite Realty Corp. during the second quarter valued at about $159,000. BlackRock Inc. increased its stake 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 valued at $143,000 after buying an additional 314 shares during the period. BlackRock Japan Co. Ltd increased its stake 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 valued at $159,000 after buying an additional 346 shares during the period. Finally, Shelton Capital Management acquired a new stake in shares of CoreSite Realty Corp. during the second quarter valued at about $228,000. 95.19% of the stock is currently owned by institutional investors.
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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