CoreSite Realty Corp. (COR) Upgraded to Buy by Zacks Investment Research
CoreSite Realty Corp. (NYSE:COR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm currently has a $86.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price target indicates a potential upside of 11.41% from the company’s current price.
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. “
COR has been the subject of a number of other reports. Jefferies Group restated a “buy” rating on shares of CoreSite Realty Corp. in a report on Tuesday, September 13th. Stifel Nicolaus downgraded CoreSite Realty Corp. from a “hold” rating to a “sell” rating and set a $79.00 price target for the company. in a report on Monday, July 11th. SunTrust Banks Inc. assumed coverage on CoreSite Realty Corp. in a report on Thursday, July 21st. They issued a “buy” rating and a $100.00 price target for the company. Citigroup Inc. increased their price target on CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. Finally, Cowen and Company upgraded CoreSite Realty Corp. from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $79.61.
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CoreSite Realty Corp. (NYSE:COR) traded up 2.17% during mid-day trading on Thursday, hitting $77.19. The stock had a trading volume of 569,320 shares. The company has a 50 day moving average price of $76.68 and a 200 day moving average price of $78.47. The stock has a market cap of $2.47 billion, a P/E ratio of 57.78 and a beta of 0.81. CoreSite Realty Corp. has a one year low of $54.23 and a one year high of $91.91.
CoreSite Realty Corp. (NYSE:COR) last released its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business earned $96.10 million during the quarter, compared to the consensus estimate of $96.09 million. CoreSite Realty Corp. had a return on equity of 9.02% and a net margin of 12.52%. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.68 EPS. On average, equities analysts anticipate that CoreSite Realty Corp. will post $3.61 EPS for the current 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 given 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 2.75%. CoreSite Realty Corp.’s payout ratio is currently 160.61%.
In other news, SVP Derek Mccandless sold 10,000 shares of the 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 owns 76,066 shares of the company’s stock, valued at $6,265,556.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas M. Ray sold 21,179 shares of the 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 directly owns 391,186 shares in the company, valued at approximately $31,909,042.02. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of COR. Meeder Asset Management Inc. boosted its position in shares of CoreSite Realty Corp. by 21.5% in the second quarter. Meeder Asset Management Inc. now owns 9,584 shares of the real estate investment trust’s stock valued at $850,000 after buying an additional 1,697 shares during the last quarter. SECOR Capital Advisors LP boosted its position in shares of CoreSite Realty Corp. by 17.7% in the second quarter. SECOR Capital Advisors LP now owns 7,925 shares of the real estate investment trust’s stock valued at $703,000 after buying an additional 1,189 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of CoreSite Realty Corp. by 23.9% in the first quarter. Renaissance Technologies LLC now owns 570,200 shares of the real estate investment trust’s stock valued at $39,920,000 after buying an additional 110,100 shares during the last quarter. M&T Bank Corp boosted its position in shares of 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 last quarter. Finally, Nuveen Asset Management LLC bought a new position in shares of CoreSite Realty Corp. during the first quarter valued at approximately $4,723,000. 95.19% of the stock is currently owned by institutional investors and hedge funds.
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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