CoreSite Realty Corp. (NYSE:COR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $86.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s target price points to a potential upside of 10.97% from the stock’s current price.
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. “
A number of other equities analysts also recently commented on the stock. Stifel Nicolaus downgraded shares of CoreSite Realty Corp. from a “hold” rating to a “sell” rating and set a $79.00 price objective for the company. in a research note on Monday, July 11th. Citigroup Inc. increased their price objective on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the stock a “neutral” rating in a research note on Thursday, July 7th. SunTrust Banks Inc. assumed coverage on shares of CoreSite Realty Corp. in a research note on Thursday, July 21st. They set a “buy” rating and a $100.00 price objective for the company. Jefferies Group restated a “buy” rating and set a $60.00 price objective (up from $50.00) on shares of CoreSite Realty Corp. in a research note on Tuesday, August 23rd. Finally, Cowen and Company upgraded shares of CoreSite Realty Corp. from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Tuesday, October 11th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. CoreSite Realty Corp. presently has an average rating of “Buy” and a consensus price target of $79.61.
CoreSite Realty Corp. (NYSE:COR) opened at 77.50 on Thursday. CoreSite Realty Corp. has a 52 week low of $54.23 and a 52 week high of $91.91. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 58.01 and a beta of 0.81. The company’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 earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share for the quarter, topping the Zacks’ 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%. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 EPS. On average, analysts predict that CoreSite Realty Corp. will post $3.61 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors 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 annualized dividend and a yield of 2.74%. CoreSite Realty Corp.’s dividend payout ratio (DPR) is currently 160.61%.
In related news, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $82.61, for a total value of $660,880.00. Following the completion of the sale, the chief financial officer now directly owns 117,644 shares in the company, valued at approximately $9,718,570.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Derek Mccandless sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $82.37, for a total transaction of $823,700.00. Following the completion of the sale, the senior vice president now owns 76,066 shares of the company’s stock, valued at $6,265,556.42. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Commonwealth Equity Services Inc purchased a new stake in shares of CoreSite Realty Corp. during the first quarter valued at about $340,000. Aperio Group LLC increased its stake in shares of CoreSite Realty Corp. by 24.8% in the first quarter. Aperio Group LLC now owns 10,905 shares of the real estate investment trust’s stock valued at $763,000 after buying an additional 2,164 shares during the period. Nisa Investment Advisors L.L.C. increased its stake in shares of CoreSite Realty Corp. by 29.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 17,400 shares of the real estate investment trust’s stock valued at $1,218,000 after buying an additional 4,000 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of CoreSite Realty Corp. by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 134,570 shares of the real estate investment trust’s stock valued at $9,421,000 after buying an additional 1,195 shares during the period. Finally, Teachers Advisors Inc. increased its stake in shares of CoreSite Realty Corp. by 2.8% in the first quarter. Teachers Advisors Inc. now owns 276,231 shares of the real estate investment trust’s stock valued at $19,339,000 after buying an additional 7,571 shares during the period. 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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