California Public Employees Retirement System Trims Position in CoreSite Realty Corp (COR)

California Public Employees Retirement System trimmed its holdings in shares of CoreSite Realty Corp (NYSE:COR) by 24.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,036 shares of the real estate investment trust’s stock after selling 19,587 shares during the period. California Public Employees Retirement System owned about 0.17% of CoreSite Realty worth $6,653,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Assetmark Inc. boosted its holdings in CoreSite Realty by 107.7% during the first quarter. Assetmark Inc. now owns 1,302 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 675 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new stake in CoreSite Realty during the first quarter worth approximately $131,000. Bridgeworth LLC bought a new stake in CoreSite Realty during the second quarter worth approximately $166,000. Zions Bancorporation bought a new stake in CoreSite Realty during the second quarter worth approximately $180,000. Finally, Oakbrook Investments LLC bought a new stake in CoreSite Realty during the second quarter worth approximately $202,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

COR has been the subject of a number of recent analyst reports. Royal Bank of Canada raised their price objective on shares of CoreSite Realty to $123.00 and gave the stock an “average” rating in a research note on Wednesday, August 8th. They noted that the move was a valuation call. Berenberg Bank initiated coverage on shares of CoreSite Realty in a research note on Thursday, September 20th. They issued a “buy” rating and a $153.00 price objective for the company. Cowen reaffirmed a “buy” rating and issued a $115.00 price objective on shares of CoreSite Realty in a research note on Friday, July 27th. Credit Suisse Group set a $112.00 price objective on shares of CoreSite Realty and gave the stock a “hold” rating in a research note on Sunday, August 5th. Finally, Stifel Nicolaus initiated coverage on shares of CoreSite Realty in a research note on Tuesday, July 17th. They issued a “hold” rating and a $115.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. CoreSite Realty currently has a consensus rating of “Hold” and an average price target of $120.85.

In other CoreSite Realty news, CEO Paul E. Szurek sold 3,588 shares of CoreSite Realty stock in a transaction on Monday, September 10th. The shares were sold at an average price of $114.15, for a total transaction of $409,570.20. Following the completion of the sale, the chief executive officer now owns 147,075 shares of the company’s stock, valued at approximately $16,788,611.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Realty Iii Gp L.L.C. Carlyle sold 2,250,000 shares of CoreSite Realty stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $111.91, for a total transaction of $251,797,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,265,350 shares of company stock valued at $253,558,053 in the last three months. Company insiders own 1.50% of the company’s stock.

CoreSite Realty stock opened at $100.52 on Friday. The company has a market capitalization of $3.83 billion, a P/E ratio of 22.23, a PEG ratio of 1.42 and a beta of 0.24. CoreSite Realty Corp has a 52 week low of $89.76 and a 52 week high of $119.59. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.23 and a quick ratio of 0.23.

CoreSite Realty (NYSE:COR) last issued its earnings results on Thursday, July 26th. The real estate investment trust reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.67). The company had revenue of $136.40 million for the quarter, compared to analyst estimates of $132.99 million. CoreSite Realty had a net margin of 15.23% and a return on equity of 19.09%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period last year, the business earned $1.10 EPS. Equities analysts forecast that CoreSite Realty Corp will post 5.07 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Thursday, September 27th. CoreSite Realty’s dividend payout ratio (DPR) is currently 91.15%.

CoreSite Realty Profile

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,350 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads.

Further Reading: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for CoreSite Realty (NYSE:COR)

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