CoreSite Realty Corp. (COR) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of CoreSite Realty Corp. (NYSE:COR) from a hold rating to a buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $86.00 target price on the real estate investment trust’s stock.
According to Zacks, “Coresite Realty Corporation provides data center products and interconnection services. The data centers include ample and redundant power and advanced cooling and security systems, and many are points of dense network interconnection. The company’s data centers are located in Los Angeles, the San Francisco Bay and northern Virginia areas, Chicago, Boston, New York City, and Miami. It serves telecommunications carriers, content and media entertainment providers, cloud providers, enterprise customers, financial and educational institutions, and government agencies. CoreSite Realty Corporation is headquartered in Denver, Colorado. “
COR has been the topic of a number of other reports. Stifel Nicolaus cut CoreSite Realty Corp. from a hold rating to a sell rating and set a $79.00 price target on the stock. in a research report on Monday, July 11th. Jefferies Group reaffirmed a buy rating and issued a $60.00 price objective (up from $50.00) on shares of CoreSite Realty Corp. in a research report on Tuesday, August 23rd. Cowen and Company raised CoreSite Realty Corp. from a market perform rating to an outperform rating and set a $80.00 price objective on the stock in a research report on Tuesday. Citigroup Inc. upped their price objective on CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a neutral rating in a research report on Thursday, July 7th. Finally, Raymond James Financial Inc. started coverage on CoreSite Realty Corp. in a research report on Friday, October 7th. They issued a market perform rating on the stock. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $79.61.
CoreSite Realty Corp. (NYSE:COR) traded down 0.01% during trading on Thursday, hitting $77.18. The stock had a trading volume of 83,083 shares. CoreSite Realty Corp. has a 52-week low of $54.23 and a 52-week high of $91.91. The company has a 50-day moving average price of $76.70 and a 200-day moving average price of $78.46. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 57.77 and a beta of 0.81.
CoreSite Realty Corp. (NYSE:COR) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. CoreSite Realty Corp. had a return on equity of 9.02% and a net margin of 12.52%. The firm had revenue of $96.10 million for the quarter, compared to analysts’ expectations of $96.09 million. During the same period in the previous year, the firm posted $0.68 EPS. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. Equities research analysts forecast that CoreSite Realty Corp. will post $3.61 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.53 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.12 dividend on an annualized basis and a yield of 2.75%. CoreSite Realty Corp.’s 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 sale, the senior vice president now owns 76,066 shares in the company, valued at approximately $6,265,556.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul E. Szurek purchased 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 purchase, the director now directly owns 6,000 shares in the company, valued at approximately $487,200. The disclosure for this purchase can be found here. 3.10% of the stock is owned by company insiders.
A number of large investors 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. raised 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 raised 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, Cypress Wealth Advisors LLC acquired a new stake in shares of CoreSite Realty Corp. during the first quarter worth about $216,000. Institutional investors and hedge funds own 95.19% of the company’s stock.
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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