Zacks Investment Research cut shares of CoreSite Realty Corp. (NYSE:COR) from a buy rating to a hold rating in a research report sent to investors 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. “

Other research analysts also recently issued reports about the stock. Jefferies Group reiterated a buy rating on shares of CoreSite Realty Corp. in a research note on Tuesday, September 13th. SunTrust Banks Inc. began coverage on shares of CoreSite Realty Corp. in a report on Thursday, July 21st. They set a buy rating and a $100.00 target price on the stock. Stifel Nicolaus raised shares of CoreSite Realty Corp. from a sell rating to a hold rating and set a $75.00 target price on the stock in a report on Monday, October 3rd. Raymond James Financial Inc. began coverage on shares of CoreSite Realty Corp. in a report on Friday, October 7th. They set a market perform rating on the stock. Finally, Citigroup Inc. increased their target price on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the stock a neutral rating in a report on Thursday, July 7th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $79.61.

Analyst Recommendations for CoreSite Realty Corp. (NYSE:COR)

Shares of CoreSite Realty Corp. (NYSE:COR) traded up 0.35% during mid-day trading on Friday, hitting $77.77. 70,262 shares of the stock traded hands. CoreSite Realty Corp. has a 12-month low of $54.23 and a 12-month high of $91.91. The firm’s 50 day moving average price is $76.69 and its 200-day moving average price is $78.53. The stock has a market cap of $2.49 billion, a P/E ratio of 58.21 and a beta of 0.82.

CoreSite Realty Corp. (NYSE:COR) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.03. CoreSite Realty Corp. had a net margin of 12.52% and a return on equity of 9.02%. The firm had revenue of $96.10 million for the quarter, compared to the consensus estimate of $96.09 million. During the same period in the prior year, the firm posted $0.68 EPS. The firm’s revenue was up 17.9% compared to the same quarter last year. Analysts predict that CoreSite Realty Corp. will post $3.61 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, September 28th. CoreSite Realty Corp.’s payout ratio is 160.61%.

In other CoreSite Realty Corp. news, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $82.61, for a total value of $660,880.00. Following the completion of the transaction, the chief financial officer now directly owns 117,644 shares in the company, valued at $9,718,570.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul E. Szurek bought 1,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was purchased at an average price of $81.20 per share, with a total value of $81,200.00. Following the completion of the acquisition, the director now owns 6,000 shares of the company’s stock, valued at $487,200. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in shares of CoreSite Realty Corp. by 1.1% in the first quarter. State Street Corp now owns 494,787 shares of the real estate investment trust’s stock valued at $34,640,000 after buying an additional 5,397 shares during the last quarter. Cypress Wealth Advisors LLC purchased a new position in shares of CoreSite Realty Corp. during the first quarter valued at approximately $216,000. Cupps Capital Management LLC purchased a new position in shares of CoreSite Realty Corp. during the first quarter valued at approximately $5,151,000. M&T Bank Corp boosted its position in shares of CoreSite Realty Corp. by 1.3% in the first quarter. M&T Bank Corp now owns 5,487 shares of the real estate investment trust’s stock valued at $383,000 after buying an additional 72 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new position in shares of CoreSite Realty Corp. during the first quarter valued at approximately $1,004,000. Institutional investors own 95.16% of the company’s stock.

CoreSite Realty Corp. Company Profile

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.

5 Day Chart for NYSE:COR

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