CoreSite Realty (COR) Receives “Buy” Rating from SunTrust Banks

SunTrust Banks reiterated their buy rating on shares of CoreSite Realty (NYSE:COR) in a report issued on Thursday. They currently have a $133.00 target price on the real estate investment trust’s stock. SunTrust Banks also issued estimates for CoreSite Realty’s Q4 2018 earnings at $1.32 EPS, Q1 2019 earnings at $1.36 EPS, Q2 2019 earnings at $1.33 EPS, Q3 2019 earnings at $1.43 EPS and FY2019 earnings at $5.60 EPS.

A number of other equities research analysts have also recently commented on the stock. Citigroup upped their target price on shares of CoreSite Realty from $109.00 to $115.00 and gave the company a buy rating in a report on Friday, October 27th. BidaskClub raised shares of CoreSite Realty from a buy rating to a strong-buy rating in a report on Friday, August 25th. Credit Suisse Group set a $111.00 target price on shares of CoreSite Realty and gave the company a hold rating in a report on Friday, October 27th. KeyCorp reaffirmed a hold rating on shares of CoreSite Realty in a report on Tuesday, September 12th. Finally, Zacks Investment Research cut shares of CoreSite Realty from a buy rating to a hold rating in a report on Thursday, November 2nd. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $109.55.

Shares of CoreSite Realty (COR) traded up $0.38 during trading hours on Thursday, hitting $115.46. 295,100 shares of the stock were exchanged, compared to its average volume of 425,216. CoreSite Realty has a 1-year low of $74.65 and a 1-year high of $120.85. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $5,590.00, a PE ratio of 25.54, a price-to-earnings-growth ratio of 1.47 and a beta of 0.44.

CoreSite Realty (NYSE:COR) last announced its earnings results on Thursday, October 26th. The real estate investment trust reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.64). CoreSite Realty had a net margin of 15.21% and a return on equity of 15.35%. The business had revenue of $123.07 million during the quarter, compared to analysts’ expectations of $121.27 million. During the same period in the previous year, the company posted $0.90 earnings per share. CoreSite Realty’s quarterly revenue was up 21.5% on a year-over-year basis. equities research analysts forecast that CoreSite Realty will post 4.48 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be issued a dividend of $0.98 per share. This is a boost from CoreSite Realty’s previous quarterly dividend of $0.90. This represents a $3.92 annualized dividend and a yield of 3.40%. The ex-dividend date is Thursday, December 28th. CoreSite Realty’s dividend payout ratio is currently 195.65%.

In related news, CFO Jeffrey S. Finnin sold 8,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $109.39, for a total transaction of $875,120.00. Following the completion of the transaction, the chief financial officer now directly owns 98,562 shares of the company’s stock, valued at $10,781,697.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul E. Szurek sold 3,805 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $117.48, for a total transaction of $447,011.40. Following the transaction, the chief executive officer now directly owns 93,405 shares of the company’s stock, valued at $10,973,219.40. The disclosure for this sale can be found here. Insiders have sold 16,805 shares of company stock valued at $1,868,981 over the last three months. 1.50% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its holdings in CoreSite Realty by 91.2% during the third quarter. Public Employees Retirement System of Ohio now owns 28,956 shares of the real estate investment trust’s stock worth $3,240,000 after purchasing an additional 13,815 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in CoreSite Realty during the third quarter worth about $1,199,000. Neuberger Berman Group LLC raised its holdings in CoreSite Realty by 26.7% during the third quarter. Neuberger Berman Group LLC now owns 319,064 shares of the real estate investment trust’s stock worth $35,703,000 after purchasing an additional 67,201 shares in the last quarter. California Public Employees Retirement System raised its holdings in CoreSite Realty by 10.6% during the third quarter. California Public Employees Retirement System now owns 77,329 shares of the real estate investment trust’s stock worth $8,653,000 after purchasing an additional 7,429 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. grew its position in CoreSite Realty by 7.0% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,407 shares of the real estate investment trust’s stock worth $1,053,000 after buying an additional 616 shares during the period. 98.91% of the stock is owned by hedge funds and other institutional investors.

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About CoreSite Realty

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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