CoreSite Realty (COR) Given a $111.00 Price Target at Credit Suisse Group

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) traded up $0.80 during trading on Wednesday, reaching $107.59. The company’s stock had a trading volume of 362,744 shares, compared to its average volume of 349,274. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market capitalization of $5,170.00, a price-to-earnings ratio of 58.47, a P/E/G ratio of 1.26 and a beta of 0.44. CoreSite Realty has a one year low of $83.43 and a one year high of $120.85.

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.

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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.

Analyst Recommendations for CoreSite Realty (NYSE:COR)

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