CoreSite Realty Corp (NYSE:COR) declared a quarterly dividend on Friday, May 17th, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be paid a dividend of 1.22 per share by the real estate investment trust on Monday, July 15th. This represents a $4.88 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Thursday, June 27th. This is a boost from CoreSite Realty’s previous quarterly dividend of $1.10.
CoreSite Realty has increased its dividend payment by an average of 33.8% annually over the last three years and has raised its dividend every year for the last 8 years. CoreSite Realty has a dividend payout ratio of 96.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect CoreSite Realty to earn $5.79 per share next year, which means the company should continue to be able to cover its $4.88 annual dividend with an expected future payout ratio of 84.3%.
Shares of COR opened at $117.01 on Friday. CoreSite Realty has a 1 year low of $82.64 and a 1 year high of $117.82. The firm has a market cap of $4.30 billion, a PE ratio of 23.12, a PEG ratio of 1.71 and a beta of 0.73. The company has a debt-to-equity ratio of 3.95, a current ratio of 0.17 and a quick ratio of 0.17.
In other CoreSite Realty news, CRO Steven James Smith sold 3,846 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $100.95, for a total value of $388,253.70. Following the sale, the executive now directly owns 40,648 shares in the company, valued at $4,103,415.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Brian Warren sold 2,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $113.08, for a total transaction of $226,160.00. Following the completion of the sale, the senior vice president now owns 25,306 shares in the company, valued at $2,861,602.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,087 shares of company stock worth $3,907,077. 1.20% of the stock is owned by company insiders.
Several research firms recently weighed in on COR. Zacks Investment Research downgraded shares of CoreSite Realty from a “buy” rating to a “hold” rating in a report on Friday, February 8th. ValuEngine raised shares of CoreSite Realty from a “hold” rating to a “buy” rating in a report on Friday. Stifel Nicolaus set a $105.00 price objective on shares of CoreSite Realty and gave the stock a “hold” rating in a report on Friday, April 26th. Cowen reaffirmed a “hold” rating and issued a $106.00 price objective on shares of CoreSite Realty in a report on Sunday, February 10th. Finally, JPMorgan Chase & Co. downgraded shares of CoreSite Realty from a “neutral” rating to an “underweight” rating and set a $95.00 price objective for the company. in a report on Monday, February 11th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. CoreSite Realty has an average rating of “Hold” and an average price target of $109.91.
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CoreSite Realty Company Profile
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.
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