CoreSite Realty (NYSE:COR) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

CoreSite Realty (NYSE:COR) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07, MarketWatch Earnings reports. The company had revenue of $150.54 million during the quarter, compared to analyst estimates of $149.87 million. CoreSite Realty had a return on equity of 39.91% and a net margin of 12.77%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.27 earnings per share. CoreSite Realty updated its FY 2020
Pre-Market guidance to 5.15-5.25 EPS and its FY20 guidance to $5.15-5.25 EPS.

Shares of COR stock traded up $1.05 during trading hours on Friday, hitting $129.05. The company had a trading volume of 355,964 shares, compared to its average volume of 292,640. CoreSite Realty has a 12 month low of $90.07 and a 12 month high of $130.21. The company has a debt-to-equity ratio of 12.28, a quick ratio of 0.17 and a current ratio of 0.14. The firm’s fifty day moving average is $121.98 and its 200 day moving average is $117.28. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 65.18, a PEG ratio of 1.19 and a beta of 0.28.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend was Monday, June 29th. CoreSite Realty’s dividend payout ratio is 95.69%.

Several research firms recently commented on COR. Barclays initiated coverage on shares of CoreSite Realty in a research note on Wednesday, July 15th. They set an “underweight” rating and a $110.00 target price for the company. William Blair reaffirmed an “outperform” rating on shares of CoreSite Realty in a research report on Thursday. 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 boosted their price target on CoreSite Realty from $115.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $124.00 price objective on shares of CoreSite Realty in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $118.56.

In other news, major shareholder Iv Aiv Gp L.L.C. Crp sold 2,620,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $118.46, for a total value of $310,365,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark R. Jones sold 750 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $120.66, for a total transaction of $90,495.00. Following the sale, the chief accounting officer now owns 14,121 shares of the company’s stock, valued at approximately $1,703,839.86. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,629,128 shares of company stock valued at $560,616,895. 1.50% of the stock is currently owned by 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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Earnings History for CoreSite Realty (NYSE:COR)

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