Credit Suisse Group set a $111.00 target price on CoreSite Realty (NYSE:COR) in a research note released on Wednesday. The firm currently has a hold rating on the real estate investment trust’s stock.
“We generally view CoreSite as a very well executed company in the data center space but remain on the sidelines for two main reasons: 1) Valuation and trading multiples remain above peers in an increasingly competitive data center market; 2) Beyond CoreSite’s data center expansions into Reston, VA, we have little visibility into the other strategies the company might be pursuing.”,” Credit Suisse Group’s analyst wrote.
A number of other research firms have also weighed in on COR. JPMorgan Chase & Co. started coverage on CoreSite Realty in a report on Monday, September 25th. They set a neutral rating and a $118.00 target price for the company. Citigroup upped their target price on CoreSite Realty from $109.00 to $115.00 and gave the stock a buy rating in a report on Friday, October 27th. William Blair started coverage on CoreSite Realty in a report on Friday, September 22nd. They set an outperform rating for the company. Zacks Investment Research lowered CoreSite Realty from a buy rating to a hold rating in a report on Thursday, November 2nd. Finally, Mitsubishi UFJ Financial Group started coverage on CoreSite Realty in a report on Wednesday, January 10th. They set an overweight rating and a $124.00 target price for the company. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. CoreSite Realty has a consensus rating of Buy and an average price target of $110.75.
CoreSite Realty (NYSE:COR) last posted its earnings results on Thursday, October 26th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.64). The company had revenue of $123.07 million for the quarter, compared to analysts’ expectations of $121.27 million. CoreSite Realty had a return on equity of 15.35% and a net margin of 15.21%. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. research analysts anticipate that CoreSite Realty will post 4.48 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 3.64%. The ex-dividend date was Thursday, December 28th. This is a positive change from CoreSite Realty’s previous quarterly dividend of $0.90. CoreSite Realty’s dividend payout ratio is currently 213.04%.
In other news, SVP Derek Mccandless sold 5,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $109.37, for a total transaction of $546,850.00. Following the completion of the sale, the senior vice president now owns 36,613 shares in the company, valued at approximately $4,004,363.81. The sale 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 sale, the chief financial officer now owns 98,562 shares of the company’s stock, valued at approximately $10,781,697.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,121 shares of company stock valued at $2,224,720. Company insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of CoreSite Realty by 4.3% during the 3rd quarter. Wells Fargo & Company MN now owns 1,702,550 shares of the real estate investment trust’s stock valued at $190,516,000 after purchasing an additional 70,274 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of CoreSite Realty by 53.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 507,385 shares of the real estate investment trust’s stock valued at $52,529,000 after purchasing an additional 176,489 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of CoreSite Realty by 4.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 499,857 shares of the real estate investment trust’s stock valued at $55,932,000 after purchasing an additional 22,342 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of CoreSite Realty by 3.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 380,993 shares of the real estate investment trust’s stock valued at $39,445,000 after purchasing an additional 13,058 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of CoreSite Realty by 45.6% in the 2nd quarter. Renaissance Technologies LLC now owns 358,900 shares of the real estate investment trust’s stock valued at $37,157,000 after acquiring an additional 112,400 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.
CoreSite Realty Company Profile
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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