CoreSite Realty Corp. (COR) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of CoreSite Realty Corp. (NYSE:COR) from a hold rating to a buy rating in a report released on Thursday morning. The brokerage currently has $86.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Coresite Realty Corporation provides data center products and interconnection services. The data centers include ample and redundant power and advanced cooling and security systems, and many are points of dense network interconnection. The company’s data centers are located in Los Angeles, the San Francisco Bay and northern Virginia areas, Chicago, Boston, New York City, and Miami. It serves telecommunications carriers, content and media entertainment providers, cloud providers, enterprise customers, financial and educational institutions, and government agencies. CoreSite Realty Corporation is headquartered in Denver, Colorado. “
Several other equities research analysts also recently commented on COR. Citigroup Inc. lifted their price objective on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the stock a neutral rating in a research note on Thursday, July 7th. Stifel Nicolaus downgraded shares of CoreSite Realty Corp. from a hold rating to a sell rating and set a $79.00 target price for the company. in a research report on Monday, July 11th. SunTrust Banks Inc. initiated coverage on shares of CoreSite Realty Corp. in a research report on Thursday, July 21st. They set a buy rating and a $100.00 target price for the company. Jefferies Group decreased their target price on shares of CoreSite Realty Corp. from $102.00 to $100.00 and set a buy rating for the company in a research report on Thursday, August 11th. Finally, Raymond James Financial Inc. initiated coverage on shares of CoreSite Realty Corp. in a research report on Friday, October 7th. They set a market perform rating for the company. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $79.61.
CoreSite Realty Corp. (NYSE:COR) traded down 0.01% on Thursday, hitting $77.18. 83,083 shares of the company’s stock traded hands. CoreSite Realty Corp. has a one year low of $54.23 and a one year high of $91.91. The stock has a 50-day moving average of $76.70 and a 200-day moving average of $78.46. The stock has a market cap of $2.47 billion, a PE ratio of 57.77 and a beta of 0.81.
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, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.03. CoreSite Realty Corp. had a net margin of 12.52% and a return on equity of 9.02%. The business earned $96.10 million during the quarter, compared to the consensus estimate of $96.09 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. On average, equities analysts forecast that CoreSite Realty Corp. will post $3.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $0.53 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.12 dividend on an annualized basis and a yield of 2.75%. CoreSite Realty Corp.’s payout ratio is 160.61%.
In related news, SVP Derek Mccandless sold 10,000 shares of the business’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 transaction, the senior vice president now directly owns 76,066 shares in the company, valued at $6,265,556.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas M. Ray sold 21,179 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $81.57, for a total transaction of $1,727,571.03. Following the transaction, the insider now owns 391,186 shares in the company, valued at $31,909,042.02. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the company. Capital Growth Management LP acquired a new position in CoreSite Realty Corp. during the first quarter worth $51,457,000. BlackRock Fund Advisors raised its position in CoreSite Realty Corp. by 15.6% in the second quarter. BlackRock Fund Advisors now owns 1,998,311 shares of the real estate investment trust’s stock worth $177,230,000 after buying an additional 269,151 shares during the last quarter. Vanguard Group Inc. raised its position in CoreSite Realty Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 5,163,842 shares of the real estate investment trust’s stock worth $457,981,000 after buying an additional 210,238 shares during the last quarter. Geneva Advisors LLC raised its position in CoreSite Realty Corp. by 110.4% in the second quarter. Geneva Advisors LLC now owns 346,791 shares of the real estate investment trust’s stock worth $30,757,000 after buying an additional 181,977 shares during the last quarter. Finally, Security Capital Research & Management Inc. acquired a new position in CoreSite Realty Corp. during the second quarter worth $15,769,000. Hedge funds and other institutional investors own 95.19% of the company’s stock.
About CoreSite Realty Corp.
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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