Brokerages Set CoreSite Realty Corp (COR) Target Price at $121.21

Shares of CoreSite Realty Corp (NYSE:COR) have earned a consensus recommendation of “Buy” from the nineteen brokerages that are covering the firm, MarketBeat Ratings reports. Nine analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $120.85.

Several research analysts have recently commented on COR shares. BMO Capital Markets started coverage on CoreSite Realty in a research note on Tuesday, July 17th. They set a “market perform” rating and a $119.00 target price for the company. Berenberg Bank began coverage on CoreSite Realty in a report on Thursday, September 20th. They set a “buy” rating and a $153.00 price target for the company. Credit Suisse Group set a $112.00 price target on CoreSite Realty and gave the stock a “hold” rating in a report on Saturday, July 28th. Cowen cut CoreSite Realty from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $115.00 to $107.00 in a report on Monday. Finally, Royal Bank of Canada lifted their price target on CoreSite Realty to $123.00 and gave the stock an “average” rating in a report on Wednesday, August 8th. They noted that the move was a valuation call.

Shares of NYSE COR opened at $108.71 on Friday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 2.68. CoreSite Realty has a 12 month low of $89.76 and a 12 month high of $119.59. The company has a market cap of $3.72 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 1.38 and a beta of 0.27.

CoreSite Realty (NYSE:COR) last issued its earnings results on Thursday, July 26th. The real estate investment trust reported $0.57 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.24 by ($0.67). CoreSite Realty had a return on equity of 19.09% and a net margin of 15.23%. The business had revenue of $136.40 million for the quarter, compared to the consensus estimate of $132.99 million. During the same quarter in the prior year, the firm posted $1.10 earnings per share. The business’s revenue was up 15.7% compared to the same quarter last year. research analysts expect that CoreSite Realty will post 5.07 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be issued a dividend of $1.03 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $4.12 annualized dividend and a yield of 3.79%. CoreSite Realty’s payout ratio is currently 91.15%.

In other CoreSite Realty news, CEO Paul E. Szurek sold 3,588 shares of CoreSite Realty stock in a transaction on Monday, September 10th. The stock was sold at an average price of $114.15, for a total value of $409,570.20. Following the completion of the transaction, the chief executive officer now directly owns 147,075 shares of the company’s stock, valued at approximately $16,788,611.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark R. Jones sold 600 shares of CoreSite Realty stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $113.31, for a total value of $67,986.00. Following the completion of the transaction, the insider now directly owns 16,221 shares of the company’s stock, valued at $1,838,001.51. The disclosure for this sale can be found here. Insiders sold a total of 2,265,188 shares of company stock valued at $253,540,426 over the last ninety days. Insiders own 1.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. People s United Financial Inc. raised its holdings in CoreSite Realty by 3.4% in the 2nd quarter. People s United Financial Inc. now owns 21,608 shares of the real estate investment trust’s stock valued at $2,394,000 after acquiring an additional 712 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in CoreSite Realty by 5.8% in the 2nd quarter. Mutual of America Capital Management LLC now owns 29,611 shares of the real estate investment trust’s stock valued at $3,281,000 after acquiring an additional 1,629 shares in the last quarter. Morse Asset Management Inc raised its holdings in CoreSite Realty by 217.0% in the 2nd quarter. Morse Asset Management Inc now owns 11,490 shares of the real estate investment trust’s stock valued at $1,273,000 after acquiring an additional 7,865 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in CoreSite Realty by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 402,677 shares of the real estate investment trust’s stock valued at $44,624,000 after acquiring an additional 5,499 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in CoreSite Realty by 6.9% in the 2nd quarter. BlackRock Inc. now owns 3,577,163 shares of the real estate investment trust’s stock valued at $396,420,000 after acquiring an additional 231,701 shares in the last quarter. 96.71% of the stock is owned by hedge funds and other institutional investors.

About CoreSite Realty

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 1,350 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.

Recommended Story: Market Capitalization in the Stock Market

Analyst Recommendations for CoreSite Realty (NYSE:COR)

Receive News & Ratings for CoreSite Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoreSite Realty and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply