BMO Capital Markets Reaffirms “Hold” Rating for CoreSite Realty (COR)

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BMO Capital Markets reiterated their hold rating on shares of CoreSite Realty (NYSE:COR) in a report released on Sunday morning. The brokerage currently has a $111.00 target price on the real estate investment trust’s stock.

COR has been the subject of a number of other research reports. Credit Suisse Group set a $112.00 price objective on CoreSite Realty and gave the company a hold rating in a research note on Saturday, July 28th. Zacks Investment Research lowered CoreSite Realty from a hold rating to a sell rating in a research note on Tuesday, October 9th. Berenberg Bank began coverage on CoreSite Realty in a report on Thursday, September 20th. They set a buy rating and a $153.00 target price for the company. Royal Bank of Canada upped their target price on CoreSite Realty to $123.00 and gave the company an average rating in a report on Wednesday, August 8th. They noted that the move was a valuation call. Finally, Cowen restated a buy rating and set a $115.00 target price on shares of CoreSite Realty in a report on Friday, July 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $120.38.

NYSE:COR opened at $104.04 on Friday. The company has a market cap of $3.61 billion, a PE ratio of 23.02, a P/E/G ratio of 1.34 and a beta of 0.24. CoreSite Realty has a fifty-two week low of $89.76 and a fifty-two week high of $119.59. 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 (NYSE:COR) last released its quarterly earnings data on Thursday, July 26th. The real estate investment trust reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.67). The company had revenue of $136.40 million for the quarter, compared to analysts’ expectations of $132.99 million. CoreSite Realty had a net margin of 15.23% and a return on equity of 19.09%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period last year, the company posted $1.10 EPS. Sell-side analysts anticipate that CoreSite Realty will post 5.07 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.96%. CoreSite Realty’s dividend payout ratio is presently 91.15%.

In other CoreSite Realty news, major shareholder Realty Iii Gp L.L.C. Carlyle sold 2,250,000 shares of the stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $111.91, for a total value of $251,797,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul E. Szurek sold 3,588 shares of the 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 owns 147,075 shares of the company’s stock, valued at approximately $16,788,611.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,265,350 shares of company stock valued at $253,558,053. 1.50% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. raised its holdings in CoreSite Realty by 14.2% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 4,868 shares of the real estate investment trust’s stock worth $541,000 after purchasing an additional 604 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in CoreSite Realty by 5.5% in the second quarter. PNC Financial Services Group Inc. now owns 12,513 shares of the real estate investment trust’s stock worth $1,387,000 after purchasing an additional 649 shares in the last quarter. Arizona State Retirement System raised its holdings in CoreSite Realty by 3.1% in the second quarter. Arizona State Retirement System now owns 23,921 shares of the real estate investment trust’s stock worth $2,651,000 after purchasing an additional 710 shares in the last quarter. People s United Financial Inc. raised its holdings in CoreSite Realty by 3.4% in the second quarter. People s United Financial Inc. now owns 21,608 shares of the real estate investment trust’s stock worth $2,394,000 after purchasing an additional 712 shares in the last quarter. Finally, Oakbrook Investments LLC raised its holdings in CoreSite Realty by 39.7% in the third quarter. Oakbrook Investments LLC now owns 2,550 shares of the real estate investment trust’s stock worth $283,000 after purchasing an additional 725 shares in the last quarter. Institutional investors and hedge funds own 96.66% of the company’s stock.

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.

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Analyst Recommendations for CoreSite Realty (NYSE:COR)

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