CoreSite Realty Corp. (COR) Upgraded to “Outperform” by Cowen and Company
CoreSite Realty Corp. (NYSE:COR) was upgraded by equities research analysts at Cowen and Company from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday.
A number of other equities analysts also recently issued reports on the company. Raymond James Financial Inc. began coverage on CoreSite Realty Corp. in a report on Friday. They issued a “market perform” rating for the company. Stifel Nicolaus raised CoreSite Realty Corp. from a “sell” rating to a “hold” rating and set a $75.00 price target for the company in a report on Monday, October 3rd. Jefferies Group reissued a “buy” rating on shares of CoreSite Realty Corp. in a report on Tuesday, September 13th. Zacks Investment Research downgraded CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a report on Thursday, August 25th. Finally, SunTrust Banks Inc. initiated coverage on CoreSite Realty Corp. in a report on Thursday, July 21st. They issued a “buy” rating and a $100.00 price objective for the company. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. CoreSite Realty Corp. currently has a consensus rating of “Buy” and an average target price of $77.06.
Shares of CoreSite Realty Corp. (NYSE:COR) opened at 73.51 on Tuesday. The stock has a 50 day moving average of $77.05 and a 200-day moving average of $78.53. The company has a market capitalization of $2.35 billion, a PE ratio of 55.02 and a beta of 0.82. CoreSite Realty Corp. has a 12-month low of $53.97 and a 12-month high of $91.91.
CoreSite Realty Corp. (NYSE:COR) last announced its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.03. The firm earned $96.10 million during the quarter, compared to the consensus estimate of $96.09 million. CoreSite Realty Corp. had a return on equity of 9.02% and a net margin of 12.52%. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 earnings per share. Analysts predict that CoreSite Realty Corp. will post $3.61 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors 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 dividend yield of 2.88%. The ex-dividend date is Wednesday, September 28th. CoreSite Realty Corp.’s dividend payout ratio is presently 160.61%.
In other CoreSite Realty Corp. news, SVP Derek Mccandless sold 10,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $82.37, for a total value of $823,700.00. Following the completion of the transaction, the senior vice president now owns 76,066 shares in the company, valued at $6,265,556.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul E. Szurek acquired 1,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $81.20 per share, with a total value of $81,200.00. Following the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $487,200. The disclosure for this purchase can be found here. Corporate insiders own 3.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in CoreSite Realty Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 5,163,842 shares of the real estate investment trust’s stock valued at $457,981,000 after buying an additional 210,238 shares during the last quarter. BlackRock Fund Advisors boosted its position in CoreSite Realty Corp. by 15.6% in the second quarter. BlackRock Fund Advisors now owns 1,998,311 shares of the real estate investment trust’s stock valued at $177,230,000 after buying an additional 269,151 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in CoreSite Realty Corp. by 4.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 915,763 shares of the real estate investment trust’s stock valued at $81,219,000 after buying an additional 41,662 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in CoreSite Realty Corp. by 9.4% in the second quarter. Lord Abbett & CO. LLC now owns 844,683 shares of the real estate investment trust’s stock valued at $74,915,000 after buying an additional 72,380 shares during the last quarter. Finally, Capital Growth Management LP acquired a new position in CoreSite Realty Corp. during the first quarter valued at about $51,457,000. Hedge funds and other institutional investors own 95.19% of the company’s stock.
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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