Raymond James Cuts CoreSite Realty (NYSE:COR) Price Target to $110.00

CoreSite Realty (NYSE:COR) had its price objective reduced by Raymond James from $120.00 to $110.00 in a research note published on Tuesday morning, BenzingaRatingsTable reports. Raymond James currently has an outperform rating on the real estate investment trust’s stock.

Several other research analysts also recently weighed in on COR. ValuEngine downgraded CoreSite Realty from a buy rating to a hold rating in a research note on Friday, July 26th. Zacks Investment Research downgraded CoreSite Realty from a buy rating to a hold rating in a research note on Monday, July 29th. BMO Capital Markets restated a hold rating and issued a $112.00 price target on shares of CoreSite Realty in a research note on Thursday, July 25th. Credit Suisse Group decreased their price target on CoreSite Realty from $111.00 to $103.00 and set a neutral rating on the stock in a research note on Friday, July 26th. Finally, Stifel Nicolaus set a $110.00 price target on CoreSite Realty and gave the company a hold rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. CoreSite Realty currently has a consensus rating of Hold and a consensus price target of $113.18.

COR opened at $108.12 on Tuesday. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 21.37, a price-to-earnings-growth ratio of 1.58 and a beta of 0.55. CoreSite Realty has a 52 week low of $82.64 and a 52 week high of $121.64. The stock’s 50 day moving average price is $114.89. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.17 and a current ratio of 0.18.

CoreSite Realty (NYSE:COR) last released its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.53 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.75). CoreSite Realty had a return on equity of 24.19% and a net margin of 13.82%. The firm had revenue of $142.91 million for the quarter, compared to analyst estimates of $142.85 million. During the same period last year, the firm earned $1.28 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts predict that CoreSite Realty will post 5.09 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 4.51%. This is an increase from CoreSite Realty’s previous quarterly dividend of $1.10. The ex-dividend date was Thursday, June 27th. CoreSite Realty’s payout ratio is presently 96.44%.

In other news, CRO Steven James Smith sold 1,300 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $120.00, for a total value of $156,000.00. Following the completion of the transaction, the executive now directly owns 40,349 shares of the company’s stock, valued at $4,841,880. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark R. Jones sold 500 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $119.15, for a total value of $59,575.00. Following the completion of the transaction, the insider now directly owns 15,382 shares of the company’s stock, valued at $1,832,765.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,545 shares of company stock worth $1,799,872. 1.20% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tortoise Index Solutions LLC acquired a new stake in CoreSite Realty during the first quarter worth about $28,000. Bremer Bank National Association purchased a new stake in shares of CoreSite Realty in the first quarter worth about $40,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of CoreSite Realty in the second quarter worth about $51,000. Private Capital Group LLC boosted its position in shares of CoreSite Realty by 28.1% in the first quarter. Private Capital Group LLC now owns 702 shares of the real estate investment trust’s stock worth $76,000 after buying an additional 154 shares during the period. Finally, Institutional & Family Asset Management LLC boosted its position in shares of CoreSite Realty by 33.3% in the first quarter. Institutional & Family Asset Management LLC now owns 800 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 200 shares during the period. 94.29% of the stock is owned by institutional investors.

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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