CoreSite Realty Corp. (COR) Upgraded to “Outperform” by Cowen and Company
CoreSite Realty Corp. (NYSE:COR) was upgraded by research analysts at Cowen and Company from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday, The Fly reports.
A number of other equities research analysts have also issued reports on COR. Citigroup Inc. boosted their target price on CoreSite Realty Corp. from $75.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. Stifel Nicolaus lowered CoreSite Realty Corp. from a “hold” rating to a “sell” rating and set a $79.00 target price on the stock. in a research report on Monday, July 11th. SunTrust Banks Inc. started coverage on CoreSite Realty Corp. in a research report on Thursday, July 21st. They set a “buy” rating and a $100.00 target price on the stock. Jefferies Group cut their target price on CoreSite Realty Corp. from $102.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, August 11th. Finally, Zacks Investment Research lowered CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 25th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $77.06.
CoreSite Realty Corp. (NYSE:COR) opened at 73.51 on Tuesday. CoreSite Realty Corp. has a 12 month low of $53.97 and a 12 month high of $91.91. The stock has a market cap of $2.35 billion, a PE ratio of 55.02 and a beta of 0.82. The stock has a 50 day moving average price of $77.05 and a 200-day moving average price of $78.53.
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CoreSite Realty Corp. (NYSE:COR) last announced its earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, topping 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 return on equity of 9.02% and a net margin of 12.52%. CoreSite Realty Corp.’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, analysts expect that CoreSite Realty Corp. will post $3.61 EPS for the current year.
The company 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 of this dividend is Wednesday, September 28th. This represents a $2.12 dividend on an annualized basis and a yield of 2.88%. CoreSite Realty Corp.’s dividend payout ratio (DPR) is currently 160.61%.
In other CoreSite Realty Corp. 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 value of $660,880.00. Following the transaction, the chief financial officer now owns 117,644 shares in the company, valued at $9,718,570.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul E. Szurek bought 1,000 shares of the stock in a transaction on Tuesday, August 16th. The stock was purchased at an average price of $81.20 per share, for a total transaction of $81,200.00. Following the purchase, the director now directly owns 6,000 shares of the company’s stock, valued at $487,200. The disclosure for this purchase can be found here. 3.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased its position in shares of CoreSite Realty Corp. by 1.5% in the second quarter. State of Alaska Department of Revenue now owns 3,380 shares of the real estate investment trust’s stock worth $299,000 after buying an additional 50 shares during the period. Miles Capital Inc. increased its stake in CoreSite Realty Corp. by 1.4% in the second quarter. Miles Capital Inc. now owns 4,953 shares of the real estate investment trust’s stock valued at $439,000 after buying an additional 70 shares during the period. M&T Bank Corp increased its stake in 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. American International Group Inc. increased its stake in CoreSite Realty Corp. by 0.3% in the second quarter. American International Group Inc. now owns 24,447 shares of the real estate investment trust’s stock valued at $2,168,000 after buying an additional 84 shares during the period. Finally, Louisiana State Employees Retirement System increased its stake in CoreSite Realty Corp. by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 13,500 shares of the real estate investment trust’s stock valued at $1,197,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors 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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