CoreSite Realty Corp (NYSE:COR) announced a quarterly dividend on Friday, December 8th, Wall Street Journal reports. Shareholders of record on Friday, December 29th will be given a dividend of 0.98 per share by the real estate investment trust on Tuesday, January 16th. This represents a $3.92 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Thursday, December 28th. This is a positive change from CoreSite Realty’s previous quarterly dividend of $0.90.
CoreSite Realty has increased its dividend payment by an average of 25.2% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. CoreSite Realty has a dividend payout ratio of 87.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect CoreSite Realty to earn $5.04 per share next year, which means the company should continue to be able to cover its $3.92 annual dividend with an expected future payout ratio of 77.8%.
CoreSite Realty (COR) traded up $0.27 during midday trading on Wednesday, reaching $114.17. 123,400 shares of the company’s stock were exchanged, compared to its average volume of 421,245. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $3,900.11, a PE ratio of 62.05, a PEG ratio of 1.50 and a beta of 0.44. CoreSite Realty has a 1 year low of $76.96 and a 1 year high of $120.85.
In related news, CFO Jeffrey S. Finnin sold 8,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $109.39, for a total transaction of $875,120.00. Following the transaction, the chief financial officer now owns 98,562 shares of the company’s stock, valued at $10,781,697.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Derek Mccandless sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $109.37, for a total transaction of $546,850.00. Following the transaction, the senior vice president now directly owns 36,613 shares in the company, valued at approximately $4,004,363.81. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
COR has been the topic of a number of recent analyst reports. Credit Suisse Group set a $111.00 price target on shares of CoreSite Realty and gave the company a “hold” rating in a research report on Friday, October 27th. JPMorgan Chase & Co. initiated coverage on shares of CoreSite Realty in a research report on Monday, September 25th. They issued a “neutral” rating and a $118.00 price target on the stock. Citigroup lifted their price target on shares of CoreSite Realty from $109.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, October 27th. William Blair initiated coverage on shares of CoreSite Realty in a research report on Friday, September 22nd. They issued an “outperform” rating on the stock. Finally, Zacks Investment Research lowered shares of CoreSite Realty from a “buy” rating to a “hold” rating in a research report on Thursday, November 2nd. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. CoreSite Realty presently has an average rating of “Buy” and a consensus price target of $109.55.
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CoreSite Realty Company Profile
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust. The Company, through its controlling interest in CoreSite, L.P., is engaged in the business of ownership, acquisition, construction and operation of data centers across a range of markets in the United States, including the Northern Virginia, New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.
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