Published On: Sat, Sep 17th, 2016

CoreSite Realty Corp. (COR) Stock Rating Reaffirmed by Jefferies Group

CoreSite Realty Corp. (NYSE:COR)‘s stock had its “buy” rating reissued by equities research analysts at Jefferies Group in a research report issued to clients and investors on Tuesday.
Other equities research analysts have also issued reports about the company. SunTrust Banks Inc. started coverage on CoreSite Realty Corp. in a research report on Thursday, July 21st. They issued a “buy” rating and a $100.00 price target for the company. Canaccord Genuity assumed coverage on CoreSite Realty Corp. in a research note on Tuesday, June 7th. They issued a “buy” rating and a $92.00 price objective for the company. Zacks Investment Research downgraded CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, August 25th. 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 note on Thursday, July 7th. Finally, Stifel Nicolaus reduced their price objective on CoreSite Realty Corp. from $79.00 to $75.00 and set a “sell” rating for the company in a research note on Friday, July 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. CoreSite Realty Corp. currently has an average rating of “Hold” and a consensus price target of $77.06.
CoreSite Realty Corp. (NYSE:COR) traded up 0.78% during midday trading on Tuesday, hitting $76.18. The stock had a trading volume of 1,244,187 shares. CoreSite Realty Corp. has a 52 week low of $49.77 and a 52 week high of $91.91. The company has a 50-day moving average price of $80.25 and a 200-day moving average price of $77.27. The stock has a market cap of $2.44 billion, a P/E ratio of 57.02 and a beta of 0.88.

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CoreSite Realty Corp. (NYSE:COR) last issued its earnings results on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share 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 company had revenue of $96.10 million for the quarter, compared to analyst estimates of $96.09 million. During the same period in the prior year, the firm earned $0.68 earnings per share. CoreSite Realty Corp.’s revenue for the quarter was up 17.9% on a year-over-year basis. Equities analysts expect 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 issued a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.12 annualized dividend and a dividend yield of 2.78%. CoreSite Realty Corp.’s payout ratio is currently 160.61%.
In other news, Director Paul E. Szurek acquired 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were bought at an average cost of $81.20 per share, with a total value of $81,200.00. Following the acquisition, the director now owns 6,000 shares in the company, valued at approximately $487,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas M. Ray sold 21,179 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $81.57, for a total value of $1,727,571.03. Following the transaction, the insider now directly owns 391,186 shares in the company, valued at $31,909,042.02. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in COR. Macquarie Group Ltd. purchased a new position in shares of CoreSite Realty Corp. during the second quarter worth $15,506,000. Mason Street Advisors LLC purchased a new position in shares of CoreSite Realty Corp. during the second quarter worth $529,000. Royal Bank of Canada boosted its position in shares of CoreSite Realty Corp. by 31.4% in the second quarter. Royal Bank of Canada now owns 137,498 shares of the real estate investment trust’s stock worth $12,194,000 after buying an additional 32,820 shares in the last quarter. Howe & Rusling Inc. purchased a new position in shares of CoreSite Realty Corp. during the second quarter worth $114,000. Finally, Stifel Financial Corp purchased a new position in shares of CoreSite Realty Corp. during the second quarter worth $272,000. 95.43% of the stock is currently owned by institutional investors.
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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