CoreSite Realty Corp. (COR) Lifted to Buy at Zacks Investment Research
CoreSite Realty Corp. (NYSE:COR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $86.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price suggests a potential upside of 11.41% from the company’s previous close.
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. “
A number of other equities analysts have also recently commented on the stock. Cowen and Company raised shares of CoreSite Realty Corp. from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Tuesday. Raymond James Financial Inc. assumed coverage on shares of CoreSite Realty Corp. in a research note on Friday, October 7th. They issued a “market perform” rating for the company. Stifel Nicolaus raised shares of CoreSite Realty Corp. from a “sell” rating to a “hold” rating and set a $75.00 price target for the company in a research note on Monday, October 3rd. Jefferies Group reissued a “buy” rating on shares of CoreSite Realty Corp. in a research note on Tuesday, September 13th. Finally, SunTrust Banks Inc. assumed 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 for the company. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. CoreSite Realty Corp. presently has a consensus rating of “Buy” and a consensus price target of $79.61.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/coresite-realty-corp-cor-lifted-to-buy-at-zacks-investment-research.html
CoreSite Realty Corp. (NYSE:COR) traded up 2.17% during midday trading on Thursday, reaching $77.19. 569,320 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $76.68 and a 200 day moving average price of $78.47. CoreSite Realty Corp. has a 12-month low of $54.23 and a 12-month high of $91.91. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 57.78 and a beta of 0.81.
CoreSite Realty Corp. (NYSE:COR) last released its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 EPS for the quarter, topping the Zacks’ 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 analysts’ expectations of $96.09 million. During the same quarter in the previous year, the company earned $0.68 EPS. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. On average, analysts expect that CoreSite Realty Corp. will post $3.61 EPS for the current fiscal year.
The company also recently declared 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. 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 dividend payout ratio is currently 160.61%.
In related news, insider Thomas M. Ray sold 21,179 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $81.57, for a total transaction of $1,727,571.03. Following the completion of the sale, the insider now directly owns 391,186 shares in the company, valued at approximately $31,909,042.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $82.61, for a total transaction of $660,880.00. Following the completion of the transaction, the chief financial officer now owns 117,644 shares of the company’s stock, valued at $9,718,570.84. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Commonwealth Equity Services Inc bought a new position in shares of CoreSite Realty Corp. during the first quarter valued at approximately $340,000. Aperio Group LLC raised its position in shares of CoreSite Realty Corp. by 24.8% in the first quarter. Aperio Group LLC now owns 10,905 shares of the real estate investment trust’s stock valued at $763,000 after buying an additional 2,164 shares during the period. Nisa Investment Advisors L.L.C. raised its position in shares of CoreSite Realty Corp. by 29.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 17,400 shares of the real estate investment trust’s stock valued at $1,218,000 after buying an additional 4,000 shares during the period. TIAA CREF Investment Management LLC raised its position in shares of CoreSite Realty Corp. by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 134,570 shares of the real estate investment trust’s stock valued at $9,421,000 after buying an additional 1,195 shares during the period. Finally, Teachers Advisors Inc. raised its position in shares of CoreSite Realty Corp. by 2.8% in the first quarter. Teachers Advisors Inc. now owns 276,231 shares of the real estate investment trust’s stock valued at $19,339,000 after buying an additional 7,571 shares during the period. Institutional investors and hedge funds 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CoreSite Realty Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoreSite Realty Corp. and related companies with MarketBeat.com's FREE daily email newsletter.