CoreSite Realty Corp (NYSE:COR) Plans $1.22 Quarterly Dividend

CoreSite Realty Corp (NYSE:COR) declared a quarterly dividend on Friday, May 22nd, Wall Street Journal reports. Shareholders of record on Tuesday, June 30th will be paid a dividend of 1.22 per share by the real estate investment trust on Wednesday, July 15th. This represents a $4.88 annualized dividend and a yield of 4.00%. The ex-dividend date is Monday, June 29th.

CoreSite Realty has increased its dividend payment by an average of 10.9% per year over the last three years and has increased its dividend every year for the last 9 years. CoreSite Realty has a payout ratio of 272.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect CoreSite Realty to earn $5.51 per share next year, which means the company should continue to be able to cover its $4.88 annual dividend with an expected future payout ratio of 88.6%.

NYSE:COR opened at $122.00 on Friday. The company has a market cap of $4.58 billion, a P/E ratio of 61.31, a P/E/G ratio of 1.12 and a beta of 0.30. The stock’s fifty day moving average price is $119.54 and its two-hundred day moving average price is $114.16. CoreSite Realty has a 1 year low of $90.07 and a 1 year high of $126.40. The company has a debt-to-equity ratio of 9.56, a current ratio of 0.17 and a quick ratio of 0.17.

CoreSite Realty (NYSE:COR) last posted its earnings results on Thursday, April 30th. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.79). The company had revenue of $147.40 million for the quarter, compared to analysts’ expectations of $146.34 million. CoreSite Realty had a return on equity of 32.98% and a net margin of 12.74%. The company’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. On average, analysts expect that CoreSite Realty will post 5.15 earnings per share for the current fiscal year.

Several equities research analysts have issued reports on COR shares. Raymond James downgraded CoreSite Realty from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 16th. Wells Fargo & Co increased their target price on CoreSite Realty from $115.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Credit Suisse Group increased their price objective on CoreSite Realty from $100.00 to $124.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Bank of America downgraded CoreSite Realty from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $130.00 to $100.00 in a research report on Tuesday, February 11th. Finally, Zacks Investment Research downgraded CoreSite Realty from a “buy” rating to a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $117.50.

In other CoreSite Realty news, SVP Brian Warren sold 1,547 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $110.13, for a total transaction of $170,371.11. Following the sale, the senior vice president now owns 22,169 shares in the company, valued at $2,441,471.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Steven James Smith sold 2,250 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $109.99, for a total value of $247,477.50. Following the sale, the executive now owns 39,452 shares in the company, valued at approximately $4,339,325.48. The disclosure for this sale can be found here. Insiders have sold 2,660,918 shares of company stock worth $314,741,702 in the last 90 days. Company insiders own 1.50% of the company’s stock.

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.

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Dividend History for CoreSite Realty (NYSE:COR)

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