CoreSite (COR) Stock Rating Upgraded by UBS

UBS upgraded shares of CoreSite (NYSE:COR) from a market perform rating to an outperform rating in a report released on Monday, March 12th, The Fly reports.

Several other research firms have also recently weighed in on COR. Citigroup cut their price target on shares of CoreSite from $115.00 to $105.00 and set a neutral rating on the stock in a report on Friday, February 9th. Jefferies Group reiterated a buy rating on shares of CoreSite in a research note on Thursday, February 8th. KeyCorp upgraded shares of CoreSite from a sector weight rating to an overweight rating and boosted their target price for the company from $98.19 to $110.00 in a research note on Monday, March 12th. Mitsubishi UFJ Financial Group started coverage on shares of CoreSite in a research note on Wednesday, January 10th. They issued an overweight rating and a $124.00 target price on the stock. Finally, Robert W. Baird lowered their price target on shares of CoreSite from $129.00 to $126.00 and set an outperform rating on the stock in a research report on Friday, February 9th. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $112.77.

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Shares of NYSE COR traded down $2.01 during mid-day trading on Monday, reaching $102.29. 325,171 shares of the company’s stock traded hands, compared to its average volume of 417,483. The stock has a market capitalization of $3,526.36, a P/E ratio of 22.63, a P/E/G ratio of 1.21 and a beta of 0.39. CoreSite has a 1-year low of $89.76 and a 1-year high of $120.85. The company has a debt-to-equity ratio of 2.24, a current ratio of 0.27 and a quick ratio of 0.27.

CoreSite (NYSE:COR) last released its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.04. CoreSite had a net margin of 15.54% and a return on equity of 16.77%. The business had revenue of $125.95 million for the quarter, compared to analysts’ expectations of $125.71 million. During the same period in the previous year, the company earned $1.06 earnings per share. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. equities research analysts anticipate that CoreSite will post 5 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be paid a $0.98 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $3.92 dividend on an annualized basis and a yield of 3.83%. CoreSite’s dividend payout ratio is presently 86.73%.

In other CoreSite news, CEO Paul E. Szurek sold 2,610 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $101.91, for a total value of $265,985.10. Following the completion of the transaction, the chief executive officer now owns 89,560 shares of the company’s stock, valued at approximately $9,127,059.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Steven James Smith sold 492 shares of the company’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $102.42, for a total transaction of $50,390.64. Following the completion of the sale, the senior vice president now directly owns 36,101 shares of the company’s stock, valued at approximately $3,697,464.42. The disclosure for this sale can be found here. In the last three months, insiders acquired 198,000 shares of company stock valued at $64,780 and sold 39,510 shares valued at $3,822,268. 1.50% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the company. US Bancorp DE boosted its stake in shares of CoreSite by 41.2% in the 4th quarter. US Bancorp DE now owns 2,257 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 658 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of CoreSite in the 3rd quarter valued at $9,571,000. Copper Rock Capital Partners LLC boosted its stake in shares of CoreSite by 47.7% in the 4th quarter. Copper Rock Capital Partners LLC now owns 72,787 shares of the real estate investment trust’s stock valued at $8,315,000 after purchasing an additional 23,491 shares in the last quarter. Eagle Asset Management Inc. boosted its stake in shares of CoreSite by 4.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 66,444 shares of the real estate investment trust’s stock valued at $7,428,000 after purchasing an additional 2,771 shares in the last quarter. Finally, Chicago Equity Partners LLC purchased a new stake in shares of CoreSite in the 3rd quarter valued at $630,000. 99.40% of the stock is owned by institutional investors.

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CoreSite Company Profile

CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust. The Company, through its controlling interest in CoreSite, L.P., is engaged in the business of ownership, acquisition, construction and operation of data centers across a range of markets in the United States, including the Northern Virginia, New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.

The Fly

Analyst Recommendations for CoreSite (NYSE:COR)

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