Stifel Nicolaus Upgrades CoreSite Realty Corp. (COR) to “Hold”
CoreSite Realty Corp. (NYSE:COR) was upgraded by stock analysts at Stifel Nicolaus from a “sell” rating to a “hold” rating in a research report issued on Monday. The brokerage currently has a $75.00 price objective on the real estate investment trust’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 1.30% from the company’s previous close.
A number of other research analysts have also recently issued reports on COR. Canaccord Genuity started coverage on shares of CoreSite Realty Corp. in a research note on Tuesday, June 7th. They issued a “buy” rating and a $92.00 target price for the company. Citigroup Inc. raised their price target on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. SunTrust Banks Inc. assumed coverage on shares of CoreSite Realty Corp. in a report on Thursday, July 21st. They issued a “buy” rating and a $100.00 price target for the company. Jefferies Group lowered their price target on shares of CoreSite Realty Corp. from $102.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, August 11th. Finally, Zacks Investment Research lowered shares of CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a report on Thursday, August 25th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $77.06.
Shares of CoreSite Realty Corp. (NYSE:COR) opened at 74.04 on Monday. CoreSite Realty Corp. has a 12-month low of $53.13 and a 12-month high of $91.91. The stock has a 50 day moving average price of $78.50 and a 200-day moving average price of $78.13. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 55.42 and a beta of 0.82.
CoreSite Realty Corp. (NYSE:COR) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 posted $0.68 earnings per share. CoreSite Realty Corp.’s quarterly revenue was up 17.9% compared to the same quarter last year. Equities analysts anticipate that CoreSite Realty Corp. will post $3.61 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Wednesday, September 28th. CoreSite Realty Corp.’s dividend payout ratio is presently 160.61%.
In other CoreSite Realty Corp. news, CFO Jeffrey S. Finnin sold 8,000 shares of CoreSite Realty Corp. stock in a transaction on Monday, August 1st. The shares were sold at an average price of $82.61, for a total transaction of $660,880.00. Following the completion of the sale, the chief financial officer now owns 117,644 shares of the company’s stock, valued at approximately $9,718,570.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Dominic M. Tobin sold 10,000 shares of CoreSite Realty Corp. stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $816,500.00. Following the sale, the senior vice president now directly owns 41,385 shares of the company’s stock, valued at approximately $3,379,085.25. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Howe & Rusling Inc. purchased a new position in shares of CoreSite Realty Corp. during the second quarter valued at about $114,000. BlackRock Inc. raised its position in shares of CoreSite Realty Corp. by 18.0% in the first quarter. BlackRock Inc. now owns 2,056 shares of the real estate investment trust’s stock valued at $143,000 after buying an additional 314 shares during the period. BlackRock Japan Co. Ltd raised its position in shares of CoreSite Realty Corp. by 18.0% in the first quarter. BlackRock Japan Co. Ltd now owns 2,270 shares of the real estate investment trust’s stock valued at $159,000 after buying an additional 346 shares during the period. Tower Research Capital LLC TRC purchased a new position in shares of CoreSite Realty Corp. during the second quarter valued at about $159,000. Finally, Acrospire Investment Management LLC purchased a new position in shares of CoreSite Realty Corp. during the first quarter valued at about $210,000. 95.19% of the stock is owned by hedge funds and other institutional investors.
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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