CoreSite Realty Corporation (COR) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of CoreSite Realty Corporation (NYSE:COR) from a buy rating to a hold rating in a research note released on Friday morning.

According to Zacks, “Coresite Realty Corporation provides data center products and interconnection services. The data centers include ample and redundant power and advanced cooling and security systems, and many are points of dense network interconnection. The company’s data centers are located in Los Angeles, the San Francisco Bay and northern Virginia areas, Chicago, Boston, New York City, and Miami. It serves telecommunications carriers, content and media entertainment providers, cloud providers, enterprise customers, financial and educational institutions, and government agencies. CoreSite Realty Corporation is headquartered in Denver, Colorado. “

COR has been the subject of several other research reports. Jefferies Group reiterated a buy rating on shares of CoreSite Realty Corporation in a research report on Tuesday, September 13th. Guggenheim began coverage on shares of CoreSite Realty Corporation in a research report on Thursday, December 1st. They set a buy rating and a $79.00 price objective for the company. KeyCorp upgraded shares of CoreSite Realty Corporation from a sector weight rating to an overweight rating in a research report on Thursday, December 15th. Stifel Nicolaus upgraded shares of CoreSite Realty Corporation from a sell rating to a hold rating and set a $75.00 price objective for the company in a research report on Monday, October 3rd. Finally, Cowen and Company upgraded shares of CoreSite Realty Corporation from a market perform rating to an outperform rating and set a $80.00 price objective for the company in a research report on Tuesday, October 11th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. CoreSite Realty Corporation has an average rating of Buy and a consensus price target of $81.11.

Analyst Recommendations for CoreSite Realty Corporation (NYSE:COR)

CoreSite Realty Corporation (NYSE:COR) traded up 1.49% during trading on Friday, hitting $83.22. 162,384 shares of the stock traded hands. The company’s 50 day moving average price is $75.99 and its 200-day moving average price is $77.88. The stock has a market cap of $2.78 billion, a P/E ratio of 58.20 and a beta of 0.70. CoreSite Realty Corporation has a 52-week low of $54.23 and a 52-week high of $91.91.

CoreSite Realty Corporation (NYSE:COR) last released its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by $0.01. CoreSite Realty Corporation had a net margin of 13.41% and a return on equity of 10.18%. The business earned $101.27 million during the quarter, compared to analysts’ expectations of $104.35 million. During the same quarter last year, the company earned $0.74 EPS. The firm’s revenue for the quarter was up 17.2% compared to the same quarter last year. Equities research analysts forecast that CoreSite Realty Corporation will post $1.46 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Monday, January 16th. Stockholders of record on Friday, December 30th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Wednesday, December 28th. This is a boost from CoreSite Realty Corporation’s previous quarterly dividend of $0.53. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.90%. CoreSite Realty Corporation’s dividend payout ratio is 225.35%.

In other CoreSite Realty Corporation news, CEO Paul E. Szurek acquired 7,000 shares of the stock in a transaction that occurred on Monday, December 5th. The shares were purchased at an average cost of $68.92 per share, with a total value of $482,440.00. Following the purchase, the chief executive officer now owns 59,561 shares in the company, valued at $4,104,944.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.10% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Macquarie Group Ltd. acquired a new stake in shares of CoreSite Realty Corporation during the second quarter worth approximately $15,506,000. Meeder Asset Management Inc. boosted its stake in shares of CoreSite Realty Corporation by 21.5% in the second quarter. Meeder Asset Management Inc. now owns 9,584 shares of the real estate investment trust’s stock worth $850,000 after buying an additional 1,697 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of CoreSite Realty Corporation by 2.3% in the third quarter. Prudential Financial Inc. now owns 638,379 shares of the real estate investment trust’s stock worth $47,265,000 after buying an additional 14,083 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its stake in shares of CoreSite Realty Corporation by 19.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 246,200 shares of the real estate investment trust’s stock worth $21,835,000 after buying an additional 40,300 shares during the last quarter. Finally, SECOR Capital Advisors LP boosted its stake in shares of CoreSite Realty Corporation by 17.7% in the second quarter. SECOR Capital Advisors LP now owns 7,925 shares of the real estate investment trust’s stock worth $703,000 after buying an additional 1,189 shares during the last quarter. 97.84% of the stock is currently owned by hedge funds and other institutional investors.

About CoreSite Realty Corporation

CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust (REIT). Through its controlling interest in CoreSite, L.P. (Operating Partnership), the Company 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 (including Washington DC), New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.

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