FY2019 EPS Estimates for CoreSite Realty Corp Lowered by Jefferies Group (COR)
CoreSite Realty Corp (NYSE:COR) – Analysts at Jefferies Group reduced their FY2019 earnings estimates for shares of CoreSite Realty in a research report issued to clients and investors on Tuesday. Jefferies Group analyst J. Petersen now anticipates that the real estate investment trust will post earnings of $5.63 per share for the year, down from their previous estimate of $6.03.
Several other research analysts also recently issued reports on COR. William Blair initiated coverage on CoreSite Realty in a report on Friday, September 22nd. They set an “outperform” rating on the stock. JPMorgan Chase & Co. initiated coverage on CoreSite Realty in a report on Monday, September 25th. They set a “neutral” rating and a $118.00 price objective on the stock. Zacks Investment Research raised CoreSite Realty from a “hold” rating to a “buy” rating and set a $122.00 price objective on the stock in a report on Wednesday, September 27th. KeyCorp reaffirmed a “hold” rating on shares of CoreSite Realty in a report on Thursday, October 12th. Finally, Cowen reaffirmed a “buy” rating and set a $111.00 price objective on shares of CoreSite Realty in a report on Thursday, October 19th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $110.75.
CoreSite Realty (NYSE:COR) last released its quarterly earnings results on Thursday, October 26th. The real estate investment trust reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $1.10 by ($0.64). The business had revenue of $123.07 million for the quarter, compared to the consensus estimate of $121.27 million. CoreSite Realty had a return on equity of 15.35% and a net margin of 15.21%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same quarter last year, the company earned $0.90 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were paid a $0.98 dividend. The ex-dividend date was Thursday, December 28th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 3.64%. This is an increase from CoreSite Realty’s previous quarterly dividend of $0.90. CoreSite Realty’s dividend payout ratio is 213.04%.
In other news, SVP Steven James Smith sold 7,121 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $112.73, for a total value of $802,750.33. Following the transaction, the senior vice president now owns 48,137 shares of the company’s stock, valued at approximately $5,426,484.01. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $109.39, for a total value of $875,120.00. Following the completion of the transaction, the chief financial officer now directly owns 98,562 shares in the company, valued at approximately $10,781,697.18. The disclosure for this sale can be found here. In the last three months, insiders sold 20,121 shares of company stock worth $2,224,720. 1.50% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Profund Advisors LLC lifted its stake in shares of CoreSite Realty by 0.6% in the 2nd quarter. Profund Advisors LLC now owns 7,163 shares of the real estate investment trust’s stock valued at $742,000 after purchasing an additional 45 shares during the period. Pinebridge Investments L.P. lifted its stake in shares of CoreSite Realty by 1.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 4,505 shares of the real estate investment trust’s stock valued at $467,000 after purchasing an additional 80 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of CoreSite Realty by 2.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,282 shares of the real estate investment trust’s stock valued at $444,000 after purchasing an additional 104 shares during the period. Global Endowment Management LP lifted its stake in shares of CoreSite Realty by 1.3% in the 2nd quarter. Global Endowment Management LP now owns 31,990 shares of the real estate investment trust’s stock valued at $3,312,000 after purchasing an additional 410 shares during the period. Finally, Whittier Trust Co. lifted its stake in shares of CoreSite Realty by 1.4% in the 3rd quarter. Whittier Trust Co. now owns 38,953 shares of the real estate investment trust’s stock valued at $4,359,000 after purchasing an additional 551 shares during the period. 98.02% of the stock is currently owned by institutional investors.
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About CoreSite Realty
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust. The Company, through its controlling interest in CoreSite, L.P., 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, New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.
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