CoreSite Realty Corp (NYSE:COR) declared a quarterly dividend on Friday, May 22nd, Wall Street Journal reports. Investors of record on Tuesday, June 30th will be paid a dividend of 1.22 per share by the real estate investment trust on Wednesday, July 15th. This represents a $4.88 annualized dividend and a yield of 4.00%. The ex-dividend date is Monday, June 29th.
CoreSite Realty has increased its dividend by an average of 10.9% annually over the last three years and has increased its dividend every year for the last 9 years. CoreSite Realty has a dividend payout ratio of 272.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect CoreSite Realty to earn $5.51 per share next year, which means the company should continue to be able to cover its $4.88 annual dividend with an expected future payout ratio of 88.6%.
CoreSite Realty stock traded up $1.09 during mid-day trading on Friday, hitting $122.00. The stock had a trading volume of 296,043 shares, compared to its average volume of 450,897. The firm has a market capitalization of $4.61 billion, a P/E ratio of 60.76, a P/E/G ratio of 1.13 and a beta of 0.30. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 9.56. The firm’s 50 day moving average is $119.44 and its 200 day moving average is $114.15. CoreSite Realty has a one year low of $90.07 and a one year high of $126.40.
CoreSite Realty (NYSE:COR) last released its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported $0.48 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.79). CoreSite Realty had a net margin of 12.74% and a return on equity of 32.98%. The company had revenue of $147.40 million for the quarter, compared to the consensus estimate of $146.34 million. During the same period last year, the company earned $1.25 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, equities research analysts forecast that CoreSite Realty will post 5.15 earnings per share for the current year.
Several research analysts have commented on COR shares. ValuEngine raised shares of CoreSite Realty from a “sell” rating to a “hold” rating in a report on Monday, February 10th. Zacks Investment Research downgraded shares of CoreSite Realty from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of CoreSite Realty from $110.00 to $105.00 in a report on Thursday, January 23rd. Credit Suisse Group increased their price objective on shares of CoreSite Realty from $100.00 to $124.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Finally, Bank of America cut shares of CoreSite Realty from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $130.00 to $100.00 in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. CoreSite Realty has an average rating of “Hold” and an average target price of $117.50.
In related news, major shareholder Iv Aiv Gp L.L.C. Crp sold 2,620,000 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $118.46, for a total value of $310,365,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Brian Warren sold 1,547 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $110.13, for a total transaction of $170,371.11. Following the completion of the sale, the senior vice president now directly owns 22,169 shares in the company, valued at $2,441,471.97. The disclosure for this sale can be found here. Insiders have sold a total of 2,660,918 shares of company stock worth $314,741,702 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.
CoreSite Realty Company 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.
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