Jefferies Group Weighs in on CoreSite Realty Corp’s FY2018 Earnings (COR)
CoreSite Realty Corp (NYSE:COR) – Equities research analysts at Jefferies Group cut their FY2018 EPS estimates for CoreSite Realty in a note issued to investors on Tuesday. Jefferies Group analyst J. Petersen now expects that the real estate investment trust will post earnings of $4.96 per share for the year, down from their prior estimate of $5.11.
Several other analysts have also recently issued reports on the stock. Credit Suisse Group set a $111.00 price objective on shares of CoreSite Realty and gave the company a “hold” rating in a research note on Wednesday. Mitsubishi UFJ Financial Group assumed coverage on shares of CoreSite Realty in a report on Wednesday, January 10th. They issued an “overweight” rating and a $124.00 target price on the stock. SunTrust Banks reiterated a “buy” rating and issued a $133.00 target price on shares of CoreSite Realty in a report on Thursday, December 7th. ValuEngine lowered shares of CoreSite Realty from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Zacks Investment Research lowered shares of CoreSite Realty from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $110.75.
CoreSite Realty (NYSE:COR) last announced its quarterly earnings data on Thursday, October 26th. The real estate investment trust reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.64). CoreSite Realty had a net margin of 15.21% and a return on equity of 15.35%. The business had revenue of $123.07 million for the quarter, compared to analysts’ expectations of $121.27 million. During the same period in the prior year, the company posted $0.90 EPS. The firm’s revenue was up 21.5% on a year-over-year basis.
Several hedge funds have recently modified their holdings of COR. Zions Bancorporation acquired a new stake in CoreSite Realty during the 3rd quarter worth approximately $170,000. Schroder Investment Management Group acquired a new stake in CoreSite Realty during the 2nd quarter worth approximately $188,000. Park Avenue Securities LLC acquired a new stake in CoreSite Realty during the 3rd quarter worth approximately $207,000. Jaffetilchin Investment Partners LLC acquired a new stake in CoreSite Realty during the 4th quarter worth approximately $208,000. Finally, FDx Advisors Inc. acquired a new stake in CoreSite Realty during the 3rd quarter worth approximately $209,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.
In other news, CFO Jeffrey S. Finnin sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $109.39, for a total value of $875,120.00. Following the transaction, the chief financial officer now directly owns 98,562 shares in the company, valued at approximately $10,781,697.18. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Derek Mccandless sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $109.37, for a total transaction of $546,850.00. Following the completion of the transaction, the senior vice president now owns 36,613 shares in the company, valued at $4,004,363.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,121 shares of company stock worth $2,224,720. Company insiders own 1.50% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 3.67%. This is a positive change from CoreSite Realty’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, December 28th. CoreSite Realty’s payout ratio is presently 213.04%.
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CoreSite Realty Company Profile
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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