BidaskClub Downgrades CoreSite Realty Corporation (COR) to Hold

BidaskClub downgraded shares of CoreSite Realty Corporation (NYSE:COR) from a buy rating to a hold rating in a report published on Thursday morning.

Several other brokerages have also commented on COR. Zacks Investment Research upgraded shares of CoreSite Realty Corporation from a sell rating to a hold rating and set a $124.00 price objective for the company in a report on Monday, July 31st. Jefferies Group LLC restated a buy rating and issued a $119.00 price objective on shares of CoreSite Realty Corporation in a report on Tuesday, July 25th. Royal Bank Of Canada restated a buy rating and issued a $110.00 price objective on shares of CoreSite Realty Corporation in a report on Thursday, June 8th. Credit Suisse Group began coverage on shares of CoreSite Realty Corporation in a report on Friday, June 30th. They issued a neutral rating and a $103.00 price objective for the company. Finally, Macquarie restated a hold rating and issued a $84.00 price objective on shares of CoreSite Realty Corporation in a report on Tuesday, July 4th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $98.00.

CoreSite Realty Corporation (COR) traded up 0.75% during midday trading on Thursday, reaching $106.66. 413,051 shares of the company’s stock traded hands. The stock has a market cap of $3.65 billion, a P/E ratio of 61.37 and a beta of 0.57. CoreSite Realty Corporation has a 52-week low of $64.81 and a 52-week high of $113.55. The company’s 50-day moving average price is $105.81 and its 200-day moving average price is $97.16.

CoreSite Realty Corporation (NYSE:COR) last announced its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.02. The business had revenue of $117.89 million during the quarter, compared to analysts’ expectations of $117.32 million. CoreSite Realty Corporation had a net margin of 15.15% and a return on equity of 14.14%. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.89 EPS. On average, equities analysts predict that CoreSite Realty Corporation will post $1.82 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 3.38%. This is a positive change from CoreSite Realty Corporation’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Wednesday, June 28th. CoreSite Realty Corporation’s dividend payout ratio (DPR) is presently 206.90%.

In related news, CFO Jeffrey S. Finnin sold 8,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $110.74, for a total value of $885,920.00. Following the completion of the transaction, the chief financial officer now directly owns 110,493 shares in the company, valued at approximately $12,235,994.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Derek Mccandless sold 10,000 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $105.48, for a total transaction of $1,054,800.00. Following the completion of the transaction, the senior vice president now owns 49,713 shares of the company’s stock, valued at $5,243,727.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,000 shares of company stock valued at $3,048,120. 3.10% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of COR. DUPONT CAPITAL MANAGEMENT Corp raised its position in shares of CoreSite Realty Corporation by 758.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 78,000 shares of the real estate investment trust’s stock valued at $7,024,000 after buying an additional 68,919 shares during the last quarter. Whittier Trust Co. raised its position in shares of CoreSite Realty Corporation by 5.2% in the first quarter. Whittier Trust Co. now owns 37,361 shares of the real estate investment trust’s stock valued at $3,364,000 after buying an additional 1,856 shares during the last quarter. IFP Advisors Inc raised its position in shares of CoreSite Realty Corporation by 203.8% in the first quarter. IFP Advisors Inc now owns 1,188 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 797 shares during the last quarter. Glen Harbor Capital Management LLC raised its position in shares of CoreSite Realty Corporation by 496.7% in the first quarter. Glen Harbor Capital Management LLC now owns 5,728 shares of the real estate investment trust’s stock valued at $516,000 after buying an additional 4,768 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of CoreSite Realty Corporation by 16.7% in the first quarter. State of Alaska Department of Revenue now owns 27,730 shares of the real estate investment trust’s stock valued at $2,496,000 after buying an additional 3,960 shares during the last quarter.

CoreSite Realty Corporation 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.

Analyst Recommendations for CoreSite Realty Corporation (NYSE:COR)

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