$118.70 Million in Sales Expected for CoreSite Realty Corporation (COR) This Quarter
Equities analysts forecast that CoreSite Realty Corporation (NYSE:COR) will report sales of $118.70 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for CoreSite Realty Corporation’s earnings. The lowest sales estimate is $104.60 million and the highest is $122.20 million. CoreSite Realty Corporation reported sales of $101.27 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 17.2%. The company is scheduled to announce its next earnings report on Thursday, October 26th.
On average, analysts expect that CoreSite Realty Corporation will report full-year sales of $118.70 million for the current year, with estimates ranging from $414.80 million to $481.78 million. For the next year, analysts forecast that the company will report sales of $531.47 million per share, with estimates ranging from $467.80 million to $579.50 million. Zacks’ sales averages are an average based on a survey of analysts that follow CoreSite Realty Corporation.
CoreSite Realty Corporation (NYSE:COR) last announced its earnings results on Thursday, July 27th. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.02. CoreSite Realty Corporation had a net margin of 15.15% and a return on equity of 14.14%. The business had revenue of $117.89 million for the quarter, compared to analyst estimates of $117.32 million. During the same quarter in the previous year, the firm posted $0.89 earnings per share. CoreSite Realty Corporation’s revenue was up 22.7% compared to the same quarter last year.
A number of research analysts recently commented on COR shares. Zacks Investment Research upgraded CoreSite Realty Corporation from a “hold” rating to a “buy” rating and set a $118.00 price target on the stock in a research report on Wednesday, June 28th. Macquarie restated a “hold” rating and issued a $84.00 price target on shares of CoreSite Realty Corporation in a research report on Tuesday, July 4th. Royal Bank Of Canada restated a “buy” rating on shares of CoreSite Realty Corporation in a research report on Tuesday, July 18th. Jefferies Group LLC restated a “buy” rating and issued a $117.00 price target on shares of CoreSite Realty Corporation in a research report on Wednesday, June 14th. Finally, BidaskClub upgraded CoreSite Realty Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $98.00.
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In related news, SVP Derek Mccandless sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $105.48, for a total value of $1,054,800.00. Following the sale, the senior vice president now directly owns 49,713 shares of the company’s stock, valued at $5,243,727.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $110.74, for a total value of $885,920.00. Following the completion of the sale, the chief financial officer now directly owns 110,493 shares in the company, valued at $12,235,994.82. The disclosure for this sale can be found here. Insiders sold 28,000 shares of company stock worth $3,048,120 over the last ninety days. 3.10% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in COR. Penserra Capital Management LLC acquired a new stake in CoreSite Realty Corporation during the second quarter valued at $103,000. IFP Advisors Inc raised its stake in CoreSite Realty Corporation by 203.8% in the first quarter. IFP Advisors Inc now owns 1,188 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 797 shares during the period. US Bancorp DE raised its stake in CoreSite Realty Corporation by 6.7% in the second quarter. US Bancorp DE now owns 1,199 shares of the real estate investment trust’s stock valued at $125,000 after buying an additional 75 shares during the period. LS Investment Advisors LLC raised its stake in CoreSite Realty Corporation by 4.6% in the second quarter. LS Investment Advisors LLC now owns 1,280 shares of the real estate investment trust’s stock valued at $133,000 after buying an additional 56 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in CoreSite Realty Corporation by 115.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,461 shares of the real estate investment trust’s stock valued at $151,000 after buying an additional 783 shares during the period.
Shares of CoreSite Realty Corporation (NYSE COR) traded up 0.75% during trading on Friday, reaching $106.66. 413,051 shares of the company were exchanged. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 61.37 and a beta of 0.57. CoreSite Realty Corporation has a one year low of $64.81 and a one year high of $113.55. The company has a 50 day moving average price of $105.81 and a 200-day moving average price of $97.16.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a $0.90 dividend. The ex-dividend date was Wednesday, June 28th. This is a positive change from CoreSite Realty Corporation’s previous quarterly dividend of $0.80. This represents a $3.60 annualized dividend and a yield of 3.38%. CoreSite Realty Corporation’s dividend payout ratio (DPR) is 206.90%.
About CoreSite Realty Corporation
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust. The Company, through its controlling interest in CoreSite, L.P., 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, New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.
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