CoreSite Realty Corp. (NYSE:COR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
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. “
Several other brokerages have also recently weighed in on COR. Jefferies Group reiterated a “buy” rating on shares of CoreSite Realty Corp. in a research report on Tuesday, September 6th. Raymond James Financial Inc. initiated coverage on CoreSite Realty Corp. in a research report on Friday, October 7th. They set a “market perform” rating on the stock. Cowen and Company upgraded CoreSite Realty Corp. from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research report on Tuesday, October 11th. Citigroup Inc. upped their price target on CoreSite Realty Corp. from $75.00 to $88.00 and gave the company a “neutral” rating in a research report on Thursday, July 7th. Finally, Stifel Nicolaus upgraded CoreSite Realty Corp. from a “sell” rating to a “hold” rating and set a $75.00 price target on the stock in a research report on Monday, October 3rd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. CoreSite Realty Corp. has a consensus rating of “Buy” and a consensus price target of $79.61.
CoreSite Realty Corp. (NYSE:COR) opened at 77.20 on Friday. The company has a 50-day moving average of $76.67 and a 200-day moving average of $78.71. CoreSite Realty Corp. has a one year low of $54.23 and a one year high of $91.91. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 57.78 and a beta of 0.82.
CoreSite Realty Corp. (NYSE:COR) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.03. CoreSite Realty Corp. had a return on equity of 9.02% and a net margin of 12.52%. The business had revenue of $96.10 million for the quarter, compared to analysts’ expectations of $96.09 million. During the same period in the previous year, the business posted $0.68 EPS. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. Equities research analysts expect that CoreSite Realty Corp. will post $3.61 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 17th. Shareholders of record on Friday, September 30th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Wednesday, September 28th. CoreSite Realty Corp.’s dividend payout ratio is currently 160.61%.
In other CoreSite Realty Corp. news, CFO Jeffrey S. Finnin sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $82.61, for a total value of $660,880.00. Following the completion of the sale, the chief financial officer now owns 117,644 shares in the company, valued at $9,718,570.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Derek Mccandless sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $82.37, for a total value of $823,700.00. Following the completion of the sale, the senior vice president now owns 76,066 shares of the company’s stock, valued at approximately $6,265,556.42. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Howe & Rusling Inc. bought a new stake in shares of CoreSite Realty Corp. during the second quarter valued at $114,000. BlackRock Inc. increased its stake in shares of CoreSite Realty Corp. by 18.0% in the first quarter. BlackRock Inc. now owns 2,056 shares of the real estate investment trust’s stock valued at $143,000 after buying an additional 314 shares during the last quarter. BlackRock Japan Co. Ltd increased its stake in shares of CoreSite Realty Corp. by 18.0% in the first quarter. BlackRock Japan Co. Ltd now owns 2,270 shares of the real estate investment trust’s stock valued at $159,000 after buying an additional 346 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of CoreSite Realty Corp. during the second quarter valued at $159,000. Finally, Cypress Wealth Advisors LLC bought a new stake in shares of CoreSite Realty Corp. during the first quarter valued at $216,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.
About CoreSite Realty Corp.
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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