CoreSite Realty Corp. (COR) Lifted to “Outperform” at Cowen and Company
CoreSite Realty Corp. (NYSE:COR) was upgraded by equities research analysts at Cowen and Company from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday.
Other analysts also recently issued reports about the company. SunTrust Banks Inc. initiated coverage on 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 restated a “buy” rating and set a $60.00 price target (up previously from $50.00) on shares of CoreSite Realty Corp. in a research note on Tuesday, August 23rd. Zacks Investment Research lowered CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 25th. Stifel Nicolaus upgraded CoreSite Realty Corp. from a “sell” rating to a “hold” rating and set a $75.00 price target on the stock in a research note on Monday, October 3rd. Finally, Raymond James Financial Inc. assumed coverage on CoreSite Realty Corp. in a research note on Friday. They set a “market perform” rating on the stock. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $77.06.
Shares of CoreSite Realty Corp. (NYSE:COR) traded up 0.04% during trading on Tuesday, reaching $73.54. 180,644 shares of the company were exchanged. The firm has a market capitalization of $2.35 billion, a P/E ratio of 55.04 and a beta of 0.82. CoreSite Realty Corp. has a 1-year low of $53.97 and a 1-year high of $91.91. The firm’s 50 day moving average is $77.05 and its 200 day moving average is $78.53.
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CoreSite Realty Corp. (NYSE:COR) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share for the quarter, topping the 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 earned $96.10 million during the quarter, compared to the consensus estimate of $96.09 million. During the same period last year, the company earned $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 anticipate 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. Shareholders of record on Friday, September 30th will be paid a $0.53 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.12 annualized dividend and a yield of 2.88%. CoreSite Realty Corp.’s dividend payout ratio (DPR) is presently 160.61%.
In other news, CFO Jeffrey S. Finnin sold 8,000 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $82.61, for a total transaction of $660,880.00. Following the sale, the chief financial officer now owns 117,644 shares in the company, valued at $9,718,570.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Derek Mccandless sold 10,000 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $82.37, for a total value of $823,700.00. Following the sale, 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. 3.10% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the company. Howe & Rusling Inc. acquired a new stake in shares of CoreSite Realty Corp. during the second quarter worth $114,000. BlackRock Inc. raised 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 worth $143,000 after buying an additional 314 shares during the last quarter. BlackRock Japan Co. Ltd raised 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 worth $159,000 after buying an additional 346 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of CoreSite Realty Corp. during the second quarter worth $159,000. Finally, Acrospire Investment Management LLC acquired a new stake in shares of CoreSite Realty Corp. during the first quarter worth $210,000. Institutional investors and hedge funds own 95.19% of the company’s stock.
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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