Moffett Nathanson initiated coverage on shares of CoreSite (NYSE:COR) in a report released on Monday morning, Marketbeat reports. The firm issued a buy rating and a $125.00 target price on the real estate investment trust’s stock.
A number of other research firms have also commented on COR. Mitsubishi UFJ Financial Group began coverage on shares of CoreSite in a report on Wednesday, January 10th. They set an overweight rating and a $124.00 price target for the company. Credit Suisse Group set a $111.00 price target on shares of CoreSite and gave the company a hold rating in a report on Wednesday, January 17th. KeyCorp upgraded shares of CoreSite from a sector weight rating to an overweight rating and upped their price target for the company from $98.19 to $110.00 in a report on Monday, March 12th. Raymond James Financial upgraded shares of CoreSite from a market perform rating to an outperform rating in a report on Monday, March 12th. Finally, UBS raised shares of CoreSite from a market perform rating to an outperform rating in a research report on Monday, March 12th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. CoreSite presently has an average rating of Buy and a consensus target price of $113.64.
NYSE:COR opened at $103.14 on Monday. CoreSite has a 52 week low of $89.76 and a 52 week 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. The firm has a market cap of $3,481.50, a P/E ratio of 22.54, a PEG ratio of 1.20 and a beta of 0.39.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date is Wednesday, March 28th. CoreSite’s payout ratio is currently 86.73%.
In other news, CEO Paul E. Szurek sold 2,610 shares of the company’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $101.91, for a total value of $265,985.10. Following the sale, the chief executive officer now directly owns 89,560 shares of the company’s stock, valued at approximately $9,127,059.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Steven James Smith sold 492 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was 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 in the company, valued at $3,697,464.42. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 198,000 shares of company stock worth $64,780 and have sold 39,510 shares worth $3,822,268. 1.50% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of CoreSite by 6.2% in the 4th quarter. BlackRock Inc. now owns 3,362,411 shares of the real estate investment trust’s stock worth $382,978,000 after buying an additional 196,323 shares during the period. Wells Fargo & Company MN grew its position in shares of CoreSite by 3.9% in the 4th quarter. Wells Fargo & Company MN now owns 1,768,110 shares of the real estate investment trust’s stock worth $201,387,000 after buying an additional 65,560 shares during the period. Dimensional Fund Advisors LP grew its position in shares of CoreSite by 4.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 499,857 shares of the real estate investment trust’s stock worth $55,932,000 after buying an additional 22,342 shares during the period. Franklin Resources Inc. grew its position in shares of CoreSite by 2.7% in the 4th quarter. Franklin Resources Inc. now owns 465,515 shares of the real estate investment trust’s stock worth $53,022,000 after buying an additional 12,345 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of CoreSite by 16.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 343,317 shares of the real estate investment trust’s stock worth $39,103,000 after buying an additional 49,687 shares during the period. 99.40% of the stock is currently owned by hedge funds and other institutional investors.
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.
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