QTS Realty Trust (NYSE:QTS) has been assigned a $43.00 price objective by investment analysts at Credit Suisse Group in a report released on Tuesday. The brokerage currently has a “sell” rating on the real estate investment trust’s stock. Credit Suisse Group’s price objective indicates a potential downside of 2.27% from the stock’s current price.
The analysts wrote, “We view the fully updated 2018 guidance as a negative when taking into account the business transition to phase out the non-core C3 business and restructure the company towards its new hybrid model. In particular, we view the churn guidance rate of 3-6% for the core business as a negative because this implies that the complete churn rate for the year may exceed the already high 2017 level of 8.4%, which we note is the highest among QTS’ data center REIT peers. We expect to learn more on the earnings conference call on the company’s 2018 plans. Reiterate Underperform on QTS, $43 Target Price (Current Share Price below $43 After-Hours): Following our QTS downgrade to Underperform (see our note “QTS: Pressures Mounting Against QTS”), we await quarter and the full year guidance commentary from company management for more details.””
A number of other brokerages have also commented on QTS. Jefferies Group decreased their price target on shares of QTS Realty Trust from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 20th. JPMorgan Chase & Co. increased their price target on shares of QTS Realty Trust from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. Zacks Investment Research lowered shares of QTS Realty Trust from a “hold” rating to a “sell” rating in a report on Thursday, January 4th. SunTrust Banks increased their price target on shares of QTS Realty Trust from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Finally, Wells Fargo & Co increased their price target on shares of QTS Realty Trust from $62.50 to $63.00 and gave the stock an “outperform” rating in a report on Wednesday, November 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $58.08.
QTS Realty Trust (NYSE:QTS) last issued its quarterly earnings results on Monday, February 19th. The real estate investment trust reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.63. The firm had revenue of $118.90 million for the quarter, compared to analyst estimates of $118.30 million. QTS Realty Trust had a net margin of 4.67% and a return on equity of 2.10%. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 EPS. equities research analysts expect that QTS Realty Trust will post 2.7 earnings per share for the current fiscal year.
In related news, EVP William H. Schafer sold 12,500 shares of the stock in a transaction on Monday, December 4th. The shares were sold at an average price of $54.46, for a total transaction of $680,750.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 17.30% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in QTS. Bank of New York Mellon Corp grew its holdings in shares of QTS Realty Trust by 161.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,686,488 shares of the real estate investment trust’s stock valued at $91,340,000 after purchasing an additional 1,041,223 shares during the last quarter. APG Asset Management US Inc. bought a new position in shares of QTS Realty Trust during the 3rd quarter valued at $32,725,000. PGGM Investments grew its holdings in shares of QTS Realty Trust by 142.9% during the 4th quarter. PGGM Investments now owns 1,020,000 shares of the real estate investment trust’s stock valued at $55,243,000 after purchasing an additional 600,000 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of QTS Realty Trust by 39.7% during the 3rd quarter. Jennison Associates LLC now owns 1,223,816 shares of the real estate investment trust’s stock valued at $64,079,000 after purchasing an additional 347,554 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of QTS Realty Trust by 138.8% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 532,249 shares of the real estate investment trust’s stock valued at $28,827,000 after purchasing an additional 309,327 shares during the last quarter.
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About QTS Realty Trust
QTS Realty Trust, Inc (QTS) is a provider of secure, compliant data center solutions, hybrid cloud and fully managed services. The Company owns, develops and operates carrier-neutral and multi-tenant data centers. Its data centers are facilities that house the network and computer equipment of multiple customers and provide access to a range of communications carriers.
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