Wall Street analysts forecast that CoreSite Realty Corp (NYSE:COR) will announce sales of $140.32 million for the current quarter, Zacks reports. Eight analysts have provided estimates for CoreSite Realty’s earnings, with the highest sales estimate coming in at $141.14 million and the lowest estimate coming in at $138.89 million. CoreSite Realty posted sales of $129.62 million in the same quarter last year, which suggests a positive year-over-year growth rate of 8.3%. The company is expected to report its next quarterly earnings results on Thursday, April 25th.
According to Zacks, analysts expect that CoreSite Realty will report full-year sales of $586.08 million for the current financial year, with estimates ranging from $580.62 million to $590.83 million. For the next year, analysts forecast that the firm will post sales of $648.57 million, with estimates ranging from $624.22 million to $677.20 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover CoreSite Realty.
CoreSite Realty (NYSE:COR) last issued its quarterly earnings results on Wednesday, February 6th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.26. CoreSite Realty had a return on equity of 20.97% and a net margin of 14.31%. The firm had revenue of $139.10 million for the quarter, compared to analyst estimates of $139.89 million. During the same period last year, the company earned $1.18 EPS. The firm’s quarterly revenue was up 10.5% on a year-over-year basis.
A number of analysts have issued reports on the company. JPMorgan Chase & Co. lowered CoreSite Realty from a “neutral” rating to an “underweight” rating and set a $95.00 price target on the stock. in a research note on Monday, February 11th. Cowen reissued a “hold” rating and issued a $106.00 price target on shares of CoreSite Realty in a research note on Sunday, February 10th. Jefferies Financial Group reissued a “hold” rating and issued a $100.00 price target on shares of CoreSite Realty in a research note on Friday, February 8th. Zacks Investment Research lowered CoreSite Realty from a “buy” rating to a “hold” rating in a research note on Friday, February 8th. Finally, Mitsubishi UFJ Financial Group reissued an “overweight” rating on shares of CoreSite Realty in a research note on Thursday, February 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $112.00.
In related news, SVP Juan Font sold 656 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $101.70, for a total transaction of $66,715.20. Following the sale, the senior vice president now directly owns 18,185 shares in the company, valued at approximately $1,849,414.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark R. Jones sold 347 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $101.24, for a total value of $35,130.28. Following the sale, the insider now owns 13,668 shares in the company, valued at $1,383,748.32. The disclosure for this sale can be found here. Insiders sold a total of 26,101 shares of company stock worth $2,642,102 over the last ninety days. Corporate insiders own 1.50% of the company’s stock.
Large investors have recently made changes to their positions in the stock. TIAA CREF Investment Management LLC increased its position in shares of CoreSite Realty by 8.1% in the third quarter. TIAA CREF Investment Management LLC now owns 137,251 shares of the real estate investment trust’s stock valued at $15,254,000 after acquiring an additional 10,301 shares during the period. Bank of New York Mellon Corp boosted its stake in CoreSite Realty by 4.3% during the third quarter. Bank of New York Mellon Corp now owns 420,091 shares of the real estate investment trust’s stock worth $46,689,000 after acquiring an additional 17,414 shares in the last quarter. Campbell Newman Asset Management Inc. boosted its stake in CoreSite Realty by 11.5% during the fourth quarter. Campbell Newman Asset Management Inc. now owns 6,195 shares of the real estate investment trust’s stock worth $540,000 after acquiring an additional 639 shares in the last quarter. Landsberg Bennett & Dubbaneh LLC bought a new stake in CoreSite Realty during the fourth quarter worth about $1,341,000. Finally, Virtus Alternative Investment Advisers Inc. bought a new stake in CoreSite Realty during the third quarter worth about $242,000. Institutional investors and hedge funds own 93.86% of the company’s stock.
Shares of NYSE:COR opened at $103.80 on Thursday. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 3.38. CoreSite Realty has a 12-month low of $82.64 and a 12-month high of $117.82. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 20.51, a price-to-earnings-growth ratio of 1.41 and a beta of 0.74.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend is Thursday, March 28th. CoreSite Realty’s dividend payout ratio is currently 86.96%.
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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