$138.10 Million in Sales Expected for CoreSite Realty Corp (COR) This Quarter

Equities research analysts expect CoreSite Realty Corp (NYSE:COR) to announce $138.10 million in sales for the current fiscal quarter, Zacks reports. Nine analysts have issued estimates for CoreSite Realty’s earnings. The highest sales estimate is $139.40 million and the lowest is $136.76 million. CoreSite Realty reported sales of $123.07 million in the same quarter last year, which indicates a positive year over year growth rate of 12.2%. The business is expected to report its next quarterly earnings report before the market opens on Thursday, October 25th.

On average, analysts expect that CoreSite Realty will report full-year sales of $544.01 million for the current financial year, with estimates ranging from $541.99 million to $545.60 million. For the next year, analysts anticipate that the company will report sales of $602.93 million, with estimates ranging from $590.01 million to $607.25 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for CoreSite Realty.

CoreSite Realty (NYSE:COR) last issued its quarterly earnings results on Thursday, July 26th. The real estate investment trust reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.24 by ($0.67). CoreSite Realty had a net margin of 15.23% and a return on equity of 19.09%. The company had revenue of $136.40 million for the quarter, compared to analyst estimates of $132.99 million. During the same quarter in the previous year, the company posted $1.10 EPS. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year.

A number of research analysts have issued reports on COR shares. Cowen lowered shares of CoreSite Realty from an “outperform” rating to a “market perform” rating and cut their price target for the company from $115.00 to $107.00 in a research note on Monday, September 24th. Zacks Investment Research upgraded shares of CoreSite Realty from a “sell” rating to a “hold” rating in a research note on Friday, July 27th. Royal Bank of Canada upped their price target on shares of CoreSite Realty to $123.00 and gave the company an “average” rating in a research note on Wednesday, August 8th. They noted that the move was a valuation call. Berenberg Bank began coverage on shares of CoreSite Realty in a research note on Thursday, September 20th. They set a “buy” rating and a $153.00 price target on the stock. Finally, Citigroup increased their price objective on shares of CoreSite Realty from $105.00 to $116.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $120.85.

Shares of CoreSite Realty stock opened at $105.50 on Monday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 2.68. CoreSite Realty has a 12-month low of $89.76 and a 12-month high of $119.59. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 23.34, a P/E/G ratio of 1.42 and a beta of 0.24.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be paid a $1.03 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.91%. CoreSite Realty’s payout ratio is currently 91.15%.

In related news, SVP Brian Warren sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The shares were 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 in the company, valued at $3,064,573.53. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Realty Iii Gp L.L.C. Carlyle sold 2,250,000 shares of the firm’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $111.91, for a total transaction of $251,797,500.00. The disclosure for this sale can be found here. Insiders sold 2,265,350 shares of company stock worth $253,558,053 in the last quarter. Company insiders own 1.50% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. BTIM Corp. purchased a new position in CoreSite Realty during the second quarter valued at $33,247,000. BlackRock Inc. lifted its holdings in CoreSite Realty by 6.9% during the second quarter. BlackRock Inc. now owns 3,577,163 shares of the real estate investment trust’s stock valued at $396,420,000 after purchasing an additional 231,701 shares in the last quarter. Aviva PLC lifted its holdings in CoreSite Realty by 83.8% during the second quarter. Aviva PLC now owns 399,935 shares of the real estate investment trust’s stock valued at $44,321,000 after purchasing an additional 182,321 shares in the last quarter. Heitman Real Estate Securities LLC purchased a new position in CoreSite Realty during the first quarter valued at $18,041,000. Finally, Allianz Asset Management GmbH purchased a new position in CoreSite Realty during the first quarter valued at $8,998,000. Institutional investors own 96.71% of the company’s stock.

About CoreSite Realty

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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