CoreSite Realty Corp. (NYSE:COR) Given Consensus Recommendation of “Buy” by Analysts
Shares of CoreSite Realty Corp. (NYSE:COR) have been assigned an average rating of “Buy” from the ten analysts that are covering the stock. Five analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $78.64.
Several equities research analysts have recently issued reports on COR shares. Stifel Nicolaus lowered shares of CoreSite Realty Corp. from a “hold” rating to a “sell” rating and set a $79.00 price objective for the company. in a research report on Monday, July 11th. Jefferies Group reissued a “buy” rating on shares of CoreSite Realty Corp. in a research report on Tuesday, September 13th. Citigroup Inc. increased their price objective on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. Zacks Investment Research lowered shares of CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 25th. Finally, SunTrust Banks Inc. started coverage on shares of CoreSite Realty Corp. in a report on Thursday, July 21st. They set a “buy” rating and a $100.00 price target for the company.
In related news, Director Paul E. Szurek acquired 1,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was bought at an average cost of $81.20 per share, with a total value of $81,200.00. Following the acquisition, the director now directly owns 6,000 shares in the company, valued at $487,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $82.61, for a total transaction of $660,880.00. Following the transaction, the chief financial officer now directly owns 117,644 shares of the company’s stock, valued at $9,718,570.84. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Copper Rock Capital Partners LLC acquired a new position in CoreSite Realty Corp. during the third quarter worth about $297,000. Macquarie Group Ltd. acquired a new position in CoreSite Realty Corp. during the second quarter worth about $15,506,000. Mason Street Advisors LLC acquired a new position in CoreSite Realty Corp. during the second quarter worth about $529,000. Royal Bank of Canada increased its position in CoreSite Realty Corp. by 31.4% in the second quarter. Royal Bank of Canada now owns 137,498 shares of the real estate investment trust’s stock worth $12,194,000 after buying an additional 32,820 shares during the last quarter. Finally, Howe & Rusling Inc. acquired a new position in CoreSite Realty Corp. during the second quarter worth about $114,000. 95.19% of the stock is owned by institutional investors.
Shares of CoreSite Realty Corp. (NYSE:COR) traded down 1.34% during midday trading on Thursday, reaching $71.18. 290,237 shares of the company were exchanged. The stock’s 50-day moving average price is $77.81 and its 200-day moving average price is $78.35. CoreSite Realty Corp. has a 52-week low of $53.62 and a 52-week high of $91.91. The company has a market capitalization of $2.28 billion, a PE ratio of 53.28 and a beta of 0.81.
CoreSite Realty Corp. (NYSE:COR) last released its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $96.09 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. Analysts anticipate that CoreSite Realty Corp. will post $3.61 EPS for the current year.
The business also recently disclosed 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 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Wednesday, September 28th. CoreSite Realty Corp.’s dividend payout ratio is currently 160.61%.
CoreSite Realty Corp. Company Profile
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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