State Treasurer State of Michigan decreased its stake in CoreSite Realty Corp (NYSE:COR) by 16.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,900 shares of the real estate investment trust’s stock after selling 2,200 shares during the period. State Treasurer State of Michigan’s holdings in CoreSite Realty were worth $1,255,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of COR. Tortoise Index Solutions LLC bought a new position in shares of CoreSite Realty in the 1st quarter worth $28,000. Bremer Bank National Association bought a new position in shares of CoreSite Realty in the 1st quarter worth $40,000. Steward Partners Investment Advisory LLC bought a new position in shares of CoreSite Realty in the 2nd quarter worth $51,000. Private Capital Group LLC increased its holdings in shares of CoreSite Realty by 28.1% in the 1st quarter. Private Capital Group LLC now owns 702 shares of the real estate investment trust’s stock worth $76,000 after buying an additional 154 shares during the last quarter. Finally, Institutional & Family Asset Management LLC increased its holdings in shares of CoreSite Realty by 33.3% in the 1st quarter. Institutional & Family Asset Management LLC now owns 800 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 200 shares during the last quarter. 93.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets reaffirmed a “hold” rating and issued a $112.00 price objective on shares of CoreSite Realty in a research note on Thursday, July 25th. Zacks Investment Research raised shares of CoreSite Realty from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. ValuEngine cut shares of CoreSite Realty from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Raymond James cut their price objective on shares of CoreSite Realty from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. Finally, Credit Suisse Group cut their price objective on shares of CoreSite Realty from $111.00 to $103.00 and set a “neutral” rating for the company in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. CoreSite Realty presently has a consensus rating of “Hold” and an average price target of $112.20.
CoreSite Realty (NYSE:COR) last announced its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.75). CoreSite Realty had a net margin of 13.82% and a return on equity of 24.19%. The business had revenue of $142.91 million during the quarter, compared to analysts’ expectations of $142.85 million. During the same period last year, the company posted $1.28 EPS. CoreSite Realty’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts predict that CoreSite Realty Corp will post 5.09 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $1.22 per share. The ex-dividend date was Thursday, June 27th. This represents a $4.88 annualized dividend and a yield of 4.43%. This is a boost from CoreSite Realty’s previous quarterly dividend of $1.10. CoreSite Realty’s dividend payout ratio is presently 96.44%.
In other CoreSite Realty news, SVP Brian Warren sold 2,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $108.56, for a total transaction of $217,120.00. Following the completion of the sale, the senior vice president now owns 24,406 shares of the company’s stock, valued at approximately $2,649,515.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark R. Jones sold 750 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $107.79, for a total transaction of $80,842.50. Following the sale, the chief accounting officer now directly owns 14,632 shares of the company’s stock, valued at approximately $1,577,183.28. The disclosure for this sale can be found here. Insiders have sold a total of 816,295 shares of company stock valued at $90,463,675 in the last three months. 1.20% of the stock is currently owned by corporate insiders.
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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