CoreSite Realty Corporation (NYSE:COR) Issues FY17 Earnings Guidance

CoreSite Realty Corporation (NYSE:COR) updated its FY17 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.39-4.47 for the period, compared to the Thomson Reuters consensus estimate of $4.43.

Several research firms recently weighed in on COR. BidaskClub upgraded shares of CoreSite Realty Corporation from a hold rating to a buy rating in a report on Thursday, August 3rd. Zacks Investment Research upgraded shares of CoreSite Realty Corporation from a sell rating to a hold rating and set a $124.00 price objective on the stock in a report on Monday, July 31st. Jefferies Group LLC reiterated a buy rating and issued a $119.00 price objective on shares of CoreSite Realty Corporation in a report on Tuesday, July 25th. Royal Bank Of Canada reiterated a buy rating and issued a $110.00 price objective on shares of CoreSite Realty Corporation in a report on Thursday, June 8th. Finally, Credit Suisse Group assumed coverage on shares of CoreSite Realty Corporation in a report on Friday, June 30th. They issued a neutral rating and a $103.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $98.00.

Shares of CoreSite Realty Corporation (NYSE:COR) traded up 2.95% during midday trading on Monday, hitting $109.81. 596,547 shares of the stock were exchanged. The stock’s 50 day moving average is $105.79 and its 200 day moving average is $97.46. CoreSite Realty Corporation has a 12-month low of $64.81 and a 12-month high of $113.55. The firm has a market cap of $3.76 billion, a P/E ratio of 63.18 and a beta of 0.57.

CoreSite Realty Corporation (NYSE:COR) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. CoreSite Realty Corporation had a net margin of 15.15% and a return on equity of 14.14%. The firm had revenue of $117.89 million during the quarter, compared to the consensus estimate of $117.32 million. During the same period in the prior year, the firm earned $0.89 EPS. The business’s revenue was up 22.7% on a year-over-year basis. On average, equities research analysts forecast that CoreSite Realty Corporation will post $1.83 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a $0.90 dividend. The ex-dividend date was Wednesday, June 28th. This is an increase from CoreSite Realty Corporation’s previous quarterly dividend of $0.80. This represents a $3.60 dividend on an annualized basis and a yield of 3.28%. CoreSite Realty Corporation’s dividend payout ratio is 206.90%.

In other CoreSite Realty Corporation news, SVP Derek Mccandless sold 10,000 shares of the stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $105.48, for a total value of $1,054,800.00. Following the completion of the sale, the senior vice president now directly owns 49,713 shares of the company’s stock, valued at approximately $5,243,727.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $110.74, for a total transaction of $885,920.00. Following the completion of the sale, the chief financial officer now directly owns 110,493 shares of the company’s stock, valued at $12,235,994.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,000 shares of company stock valued at $3,048,120. Insiders own 3.10% of the company’s stock.

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About CoreSite Realty Corporation

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.