KeyCorp Analysts Decrease Earnings Estimates for CoreSite Realty Corp (COR)

CoreSite Realty Corp (NYSE:COR) – Analysts at KeyCorp dropped their Q1 2019 earnings per share (EPS) estimates for shares of CoreSite Realty in a research note issued to investors on Sunday, October 28th. KeyCorp analyst J. Sadler now forecasts that the real estate investment trust will post earnings per share of $1.32 for the quarter, down from their previous forecast of $1.36. KeyCorp also issued estimates for CoreSite Realty’s Q2 2019 earnings at $1.36 EPS, Q3 2019 earnings at $1.34 EPS, Q4 2019 earnings at $1.40 EPS and FY2019 earnings at $5.42 EPS.

CoreSite Realty (NYSE:COR) last issued its quarterly earnings data on Thursday, October 25th. The real estate investment trust reported $0.52 EPS for the quarter, missing the Zacks’ consensus estimate of $1.24 by ($0.72). The company had revenue of $139.18 million for the quarter, compared to analyst estimates of $138.10 million. CoreSite Realty had a net margin of 14.91% and a return on equity of 20.18%.



A number of other research analysts have also commented on the company. Cowen lowered CoreSite Realty from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $115.00 to $107.00 in a report on Monday, September 24th. Zacks Investment Research lowered CoreSite Realty from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Berenberg Bank started coverage on CoreSite Realty in a report on Thursday, September 20th. They issued a “buy” rating and a $153.00 target price on the stock. Royal Bank of Canada raised 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, Citigroup raised their target price on CoreSite Realty from $105.00 to $116.00 and gave the company a “neutral” rating in a report on Monday, July 30th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. CoreSite Realty has a consensus rating of “Buy” and an average price target of $120.08.

Shares of NYSE COR opened at $91.62 on Wednesday. The company has a current ratio of 0.21, a quick ratio of 0.23 and a debt-to-equity ratio of 2.95. The stock has a market cap of $3.40 billion, a PE ratio of 20.27, a P/E/G ratio of 1.16 and a beta of 0.24. CoreSite Realty has a 52 week low of $88.37 and a 52 week high of $119.59.

Several large investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its holdings in shares of CoreSite Realty by 9.4% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 14,459 shares of the real estate investment trust’s stock worth $1,607,000 after purchasing an additional 1,245 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of CoreSite Realty by 9.0% during the 3rd quarter. Arizona State Retirement System now owns 26,062 shares of the real estate investment trust’s stock worth $2,897,000 after purchasing an additional 2,141 shares in the last quarter. State Treasurer State of Michigan grew its holdings in shares of CoreSite Realty by 7.1% during the 3rd quarter. State Treasurer State of Michigan now owns 13,600 shares of the real estate investment trust’s stock worth $1,512,000 after purchasing an additional 900 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of CoreSite Realty by 9.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 240,034 shares of the real estate investment trust’s stock worth $26,520,000 after purchasing an additional 21,060 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its holdings in shares of CoreSite Realty by 8.4% during the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 19,868 shares of the real estate investment trust’s stock worth $2,208,000 after purchasing an additional 1,534 shares in the last quarter. 96.43% of the stock is currently owned by institutional investors.

In other news, SVP Brian Warren sold 10,000 shares of CoreSite Realty stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $115.11, for a total transaction of $1,151,100.00. Following the sale, the senior vice president now owns 26,623 shares of the company’s stock, valued at approximately $3,064,573.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Paul E. Szurek sold 3,588 shares of CoreSite Realty stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 147,075 shares in the company, valued at approximately $16,788,611.25. The disclosure for this sale can be found here. Insiders sold a total of 2,265,350 shares of company stock worth $253,558,053 in the last ninety days. Insiders own 1.50% of the company’s stock.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date was Thursday, September 27th. CoreSite Realty’s dividend payout ratio (DPR) is currently 91.15%.

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.

Featured Story: Short Selling

Earnings History and Estimates for CoreSite Realty (NYSE:COR)

Receive News & Ratings for CoreSite Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoreSite Realty and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply