Wall Street analysts expect CoreSite (NYSE:COR) to report earnings of $1.23 per share for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for CoreSite’s earnings, with estimates ranging from $1.19 to $1.27. CoreSite posted earnings of $1.13 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 8.8%. The company is scheduled to announce its next earnings report before the market opens on Thursday, April 26th.
According to Zacks, analysts expect that CoreSite will report full year earnings of $5.00 per share for the current fiscal year, with EPS estimates ranging from $4.93 to $5.05. For the next financial year, analysts forecast that the company will post earnings of $5.56 per share, with EPS estimates ranging from $5.23 to $5.75. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that cover CoreSite.
CoreSite (NYSE:COR) last announced its quarterly earnings data on Thursday, February 8th. The real estate investment trust reported $1.18 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $125.71 million. During the same period in the previous year, the business earned $1.06 earnings per share. The company’s revenue was up 14.0% on a year-over-year basis.
COR has been the subject of several research analyst reports. Mitsubishi UFJ Financial Group started coverage on shares of CoreSite in a research report on Wednesday, January 10th. They set an “overweight” rating and a $124.00 price objective for the company. Credit Suisse Group set a $111.00 target price on shares of CoreSite and gave the stock a “hold” rating in a research note on Wednesday, January 17th. Jefferies Group reaffirmed a “buy” rating on shares of CoreSite in a research note on Thursday, February 8th. Citigroup decreased their target price on shares of CoreSite from $115.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, February 9th. Finally, Robert W. Baird decreased their target price on shares of CoreSite from $129.00 to $126.00 and set an “outperform” rating on the stock in a research note on Friday, February 9th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. CoreSite currently has a consensus rating of “Buy” and a consensus price target of $113.64.
In related news, SVP Brian Warren sold 1,242 shares of the business’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $91.62, for a total value of $113,792.04. Following the sale, the senior vice president now owns 38,169 shares of the company’s stock, valued at $3,497,043.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Steven James Smith sold 492 shares of the business’s stock in a transaction on 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 approximately $3,697,464.42. The disclosure for this sale can be found here. In the last three months, insiders purchased 98,000 shares of company stock worth $31,280 and sold 39,510 shares worth $3,822,268. Insiders own 1.50% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of CoreSite by 6.2% in the fourth quarter. BlackRock Inc. now owns 3,362,411 shares of the real estate investment trust’s stock worth $382,978,000 after purchasing an additional 196,323 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of CoreSite by 3.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,768,110 shares of the real estate investment trust’s stock worth $201,387,000 after purchasing an additional 65,560 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of CoreSite by 4.7% in the third quarter. Dimensional Fund Advisors LP now owns 499,857 shares of the real estate investment trust’s stock worth $55,932,000 after purchasing an additional 22,342 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of CoreSite by 2.7% in the fourth quarter. Franklin Resources Inc. now owns 465,515 shares of the real estate investment trust’s stock worth $53,022,000 after purchasing an additional 12,345 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of CoreSite by 16.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 343,317 shares of the real estate investment trust’s stock worth $39,103,000 after purchasing an additional 49,687 shares during the last quarter. 99.35% of the stock is currently owned by institutional investors.
Shares of COR opened at $106.05 on Monday. CoreSite has a one year low of $89.76 and a one year high of $120.85. The company has a market cap of $3,592.10, a price-to-earnings ratio of 23.26, a PEG ratio of 1.24 and a beta of 0.39. 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 also recently disclosed a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Thursday, March 29th were paid a $0.98 dividend. The ex-dividend date of this dividend was Wednesday, March 28th. This represents a $3.92 annualized dividend and a dividend yield of 3.70%. CoreSite’s dividend payout ratio is 86.73%.
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CoreSite 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 1,200 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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