CoreSite Realty (NYSE:COR) Updates FY 2019 Earnings Guidance

CoreSite Realty (NYSE:COR) issued an update on its FY 2019 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $5.07-5.13 for the period. The company issued revenue guidance of $570-580 million, compared to the consensus revenue estimate of $584.76 million.CoreSite Realty also updated its FY19 guidance to $5.07-5.13 EPS.

Shares of NYSE COR traded down $2.18 during mid-day trading on Friday, reaching $105.18. The company had a trading volume of 477,670 shares, compared to its average volume of 232,359. CoreSite Realty has a twelve month low of $82.64 and a twelve month high of $121.64. The company has a debt-to-equity ratio of 3.95, a current ratio of 0.17 and a quick ratio of 0.17. The firm has a market capitalization of $3.96 billion, a PE ratio of 20.79, a PEG ratio of 1.70 and a beta of 0.56. The stock has a 50 day simple moving average of $116.23.

CoreSite Realty (NYSE:COR) last posted its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.75). CoreSite Realty had a return on equity of 23.13% and a net margin of 13.82%. The company had revenue of $142.91 million during the quarter, compared to analyst estimates of $142.85 million. During the same period last year, the company posted $1.28 earnings per share. The company’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts forecast that CoreSite Realty will post 5.24 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $1.22 dividend. The ex-dividend date was Thursday, June 27th. This is an increase from CoreSite Realty’s previous quarterly dividend of $1.10. This represents a $4.88 dividend on an annualized basis and a dividend yield of 4.64%. CoreSite Realty’s dividend payout ratio is 96.44%.

COR has been the topic of a number of research reports. Stifel Nicolaus reaffirmed a buy rating and issued a $170.00 price target on shares of Spotify in a research note on Friday, April 26th. Zacks Investment Research cut shares of First Merchants from a hold rating to a sell rating in a report on Monday, July 1st. Credit Suisse Group set a €59.00 ($68.60) price objective on shares of Renault and gave the stock a neutral rating in a report on Friday. BMO Capital Markets decreased their price objective on shares of Lundin Mining from C$8.25 to C$8.00 in a report on Thursday. Finally, ValuEngine cut shares of Welbilt from a hold rating to a sell rating in a report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $113.00.

In other CoreSite Realty news, insider Mark R. Jones sold 500 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $119.15, for a total transaction of $59,575.00. Following the completion of the sale, the insider now directly owns 15,382 shares in the company, valued at $1,832,765.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Steven James Smith sold 1,300 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $120.00, for a total transaction of $156,000.00. Following the sale, the executive now owns 40,349 shares of the company’s stock, valued at $4,841,880. The disclosure for this sale can be found here. Insiders sold 16,145 shares of company stock valued at $1,866,706 over the last quarter. 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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Earnings History and Estimates for CoreSite Realty (NYSE:COR)

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