CoreSite (NYSE:COR) – Equities research analysts at Jefferies Group cut their FY2018 earnings per share (EPS) estimates for shares of CoreSite in a report released on Thursday, April 12th. Jefferies Group analyst J. Petersen now expects that the real estate investment trust will post earnings of $5.00 per share for the year, down from their previous forecast of $5.02. Jefferies Group currently has a “Buy” rating on the stock. Jefferies Group also issued estimates for CoreSite’s FY2019 earnings at $5.64 EPS.
Other research analysts have also recently issued reports about the company. Mitsubishi UFJ Financial Group began coverage on CoreSite in a research report on Wednesday, January 10th. They issued an “overweight” rating and a $124.00 target price on the stock. Credit Suisse Group set a $111.00 target price on CoreSite and gave the stock a “hold” rating in a research report on Wednesday, January 17th. Moffett Nathanson began coverage on CoreSite in a research report on Monday, April 9th. They issued a “buy” rating and a $125.00 target price on the stock. TheStreet cut CoreSite from a “b-” rating to a “c+” rating in a research report on Friday, February 9th. Finally, KeyCorp raised CoreSite from a “sector weight” rating to an “overweight” rating and raised their target price for the stock from $98.19 to $110.00 in a research report on Monday, March 12th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $113.64.
CoreSite (NYSE:COR) last announced its earnings results on Thursday, February 8th. The real estate investment trust reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.04. The business had revenue of $125.95 million for the quarter, compared to analysts’ expectations of $125.71 million. CoreSite had a return on equity of 16.77% and a net margin of 15.54%. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period last year, the firm posted $1.06 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 16th. Stockholders of record on Thursday, March 29th were paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend was Wednesday, March 28th. CoreSite’s dividend payout ratio (DPR) is currently 86.73%.
In other news, CFO Jeffrey S. Finnin sold 10,396 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $93.30, for a total value of $969,946.80. Following the transaction, the chief financial officer now owns 84,827 shares of the company’s stock, valued at $7,914,359.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Steven James Smith sold 2,261 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $106.72, for a total value of $241,293.92. Following the completion of the transaction, the senior vice president now directly owns 42,915 shares in the company, valued at approximately $4,579,888.80. The disclosure for this sale can be found here. In the last ninety days, insiders bought 98,000 shares of company stock worth $31,280 and sold 39,510 shares worth $3,822,268. 1.50% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in CoreSite by 6.2% during the 4th quarter. BlackRock Inc. now owns 3,362,411 shares of the real estate investment trust’s stock valued at $382,978,000 after purchasing an additional 196,323 shares during the period. Wells Fargo & Company MN raised its stake in CoreSite by 3.9% during the 4th quarter. Wells Fargo & Company MN now owns 1,768,110 shares of the real estate investment trust’s stock valued at $201,387,000 after purchasing an additional 65,560 shares during the period. Dimensional Fund Advisors LP raised its stake in CoreSite 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 period. Franklin Resources Inc. raised its stake in CoreSite by 2.7% during the 4th quarter. Franklin Resources Inc. now owns 465,515 shares of the real estate investment trust’s stock valued at $53,022,000 after purchasing an additional 12,345 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in CoreSite by 16.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 343,317 shares of the real estate investment trust’s stock valued at $39,103,000 after purchasing an additional 49,687 shares during the period. 99.35% of the stock is currently owned by institutional investors.
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CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,200 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads.
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