CoreSite Realty Corp. (COR) Now Covered by Analysts at Raymond James Financial Inc.
Raymond James Financial Inc. started coverage on shares of CoreSite Realty Corp. (NYSE:COR) in a research note released on Friday morning. The firm issued a market perform rating on the real estate investment trust’s stock.
Several other brokerages have also commented on COR. Jefferies Group reaffirmed a buy rating on shares of CoreSite Realty Corp. in a research report on Tuesday, September 6th. 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. Citigroup Inc. increased their price objective on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a neutral rating in a research report on Thursday, July 7th. Stifel Nicolaus raised shares of CoreSite Realty Corp. from a sell rating to a hold rating and set a $75.00 price objective for the company in a research report on Monday, October 3rd. Finally, SunTrust Banks Inc. initiated 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 on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $77.06.
Shares of CoreSite Realty Corp. (NYSE:COR) traded up 2.26% during mid-day trading on Friday, hitting $73.75. 213,624 shares of the stock were exchanged. CoreSite Realty Corp. has a 52-week low of $53.97 and a 52-week high of $91.91. The stock has a 50-day moving average price of $77.29 and a 200 day moving average price of $78.34. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 55.20 and a beta of 0.82.
CoreSite Realty Corp. (NYSE:COR) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.03. The firm earned $96.10 million during the quarter, compared to analyst estimates of $96.09 million. CoreSite Realty Corp. had a net margin of 12.52% and a return on equity of 9.02%. CoreSite Realty Corp.’s revenue was up 17.9% on a year-over-year basis. During the same period last year, the firm posted $0.68 EPS. On average, equities research analysts expect that CoreSite Realty Corp. will post $3.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.12 annualized dividend and a dividend yield of 2.94%. CoreSite Realty Corp.’s dividend payout ratio is presently 160.61%.
In other CoreSite Realty Corp. news, Director Paul E. Szurek acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was purchased at an average cost of $81.20 per share, with a total value of $81,200.00. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at $487,200. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $82.61, for a total value of $660,880.00. Following the sale, 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. Insiders own 3.10% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Howe & Rusling Inc. acquired a new stake in shares of CoreSite Realty Corp. during the second quarter worth about $114,000. BlackRock Inc. increased its stake 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 worth $143,000 after buying an additional 314 shares during the last quarter. BlackRock Japan Co. Ltd increased its stake 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 worth $159,000 after buying an additional 346 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of CoreSite Realty Corp. during the second quarter worth about $159,000. Finally, Acrospire Investment Management LLC acquired a new stake in shares of CoreSite Realty Corp. during the first quarter worth 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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