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. “
Several other brokerages have also recently weighed in on COR. Jefferies Group reissued a buy rating on shares of CoreSite Realty Corp. in a report on Tuesday, September 6th. Raymond James Financial Inc. initiated coverage on CoreSite Realty Corp. in a research report on Friday, October 7th. They set a market perform rating for the company. Cowen and Company upgraded CoreSite Realty Corp. from a market perform rating to an outperform rating and set a $80.00 target price for the company in a research report on Tuesday, October 11th. Citigroup Inc. boosted their target price on CoreSite Realty Corp. from $75.00 to $88.00 and gave the stock a neutral rating in a research report on Thursday, July 7th. Finally, Stifel Nicolaus upgraded CoreSite Realty Corp. from a sell rating to a hold rating and set a $75.00 target price for the company in a research report on Monday, October 3rd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $79.61.
Shares of CoreSite Realty Corp. (NYSE:COR) traded up 0.35% on Friday, hitting $77.77. 70,262 shares of the company’s stock traded hands. CoreSite Realty Corp. has a 1-year low of $54.23 and a 1-year high of $91.91. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 58.21 and a beta of 0.82. The firm’s 50-day moving average price is $76.69 and its 200 day moving average price is $78.53.
CoreSite Realty Corp. (NYSE:COR) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.03. The firm earned $96.10 million during the quarter, compared to analysts’ expectations of $96.09 million. CoreSite Realty Corp. had a return on equity of 9.02% and a net margin of 12.52%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the business 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 company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Wednesday, September 28th. CoreSite Realty Corp.’s dividend payout ratio (DPR) is currently 160.61%.
In other news, Director Paul E. Szurek purchased 1,000 shares of CoreSite Realty Corp. stock in a transaction on Tuesday, August 16th. The stock was purchased 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 in the company, valued at approximately $487,200. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Derek Mccandless sold 10,000 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 76,066 shares of the company’s stock, valued at approximately $6,265,556.42. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its position in CoreSite Realty Corp. by 21.5% in the second quarter. Meeder Asset Management Inc. now owns 9,584 shares of the real estate investment trust’s stock worth $850,000 after buying an additional 1,697 shares during the period. SECOR Capital Advisors LP boosted its stake in shares of CoreSite Realty Corp. by 17.7% in the second quarter. SECOR Capital Advisors LP now owns 7,925 shares of the real estate investment trust’s stock worth $703,000 after buying an additional 1,189 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of CoreSite Realty Corp. by 23.9% in the first quarter. Renaissance Technologies LLC now owns 570,200 shares of the real estate investment trust’s stock worth $39,920,000 after buying an additional 110,100 shares in the last quarter. M&T Bank Corp boosted its stake in shares of CoreSite Realty Corp. by 1.3% in the first quarter. M&T Bank Corp now owns 5,487 shares of the real estate investment trust’s stock worth $383,000 after buying an additional 72 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new stake in shares of CoreSite Realty Corp. during the first quarter worth about $4,723,000. 95.16% 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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