Zacks Investment Research cut shares of CoreSite Realty (NYSE:COR) from a hold rating to a sell rating in a report released on Tuesday 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 reports. Cowen lowered CoreSite Realty from an outperform rating to a market perform rating and reduced their price target for the company from $115.00 to $107.00 in a report on Monday, September 24th. Credit Suisse Group set a $112.00 price target on CoreSite Realty and gave the company a hold rating in a report on Saturday, July 28th. BMO Capital Markets initiated coverage on CoreSite Realty in a report on Tuesday, July 17th. They set a market perform rating and a $119.00 price target for the company. Berenberg Bank initiated coverage on CoreSite Realty in a report on Thursday, September 20th. They set a buy rating and a $153.00 price target for the company. Finally, Royal Bank of Canada lifted their price target on CoreSite Realty to $123.00 and gave the company an average rating in a report on Wednesday, August 8th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $120.85.

Shares of NYSE COR opened at $100.52 on Tuesday. CoreSite Realty has a one year low of $89.76 and a one year high of $119.59. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 22.24, a price-to-earnings-growth ratio of 1.42 and a beta of 0.24. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.23 and a quick ratio of 0.23.

CoreSite Realty (NYSE:COR) last announced its quarterly earnings data on Thursday, July 26th. The real estate investment trust reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $1.24 by ($0.67). CoreSite Realty had a return on equity of 19.09% and a net margin of 15.23%. The business had revenue of $136.40 million for the quarter, compared to analyst estimates of $132.99 million. During the same quarter in the previous year, the business posted $1.10 earnings per share. The company’s revenue was up 15.7% compared to the same quarter last year. Equities analysts expect that CoreSite Realty will post 5.07 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be issued a $1.03 dividend. The ex-dividend date is Thursday, September 27th. This represents a $4.12 annualized dividend and a dividend yield of 4.10%. CoreSite Realty’s dividend payout ratio (DPR) is currently 91.15%.

In other news, insider Mark R. Jones sold 600 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $113.31, for a total value of $67,986.00. Following the completion of the sale, the insider now directly owns 16,221 shares of the company’s stock, valued at $1,838,001.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Brian Warren sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $114.27, for a total value of $114,270.00. Following the completion of the sale, the senior vice president now directly owns 36,623 shares of the company’s stock, valued at $4,184,910.21. The disclosure for this sale can be found here. Insiders sold 2,265,350 shares of company stock valued at $253,558,053 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. People s United Financial Inc. lifted its position in shares of CoreSite Realty by 3.4% in the second quarter. People s United Financial Inc. now owns 21,608 shares of the real estate investment trust’s stock valued at $2,394,000 after buying an additional 712 shares during the last quarter. Morse Asset Management Inc lifted its position in shares of CoreSite Realty by 217.0% in the second quarter. Morse Asset Management Inc now owns 11,490 shares of the real estate investment trust’s stock valued at $1,273,000 after buying an additional 7,865 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in shares of CoreSite Realty in the second quarter valued at approximately $166,000. Mutual of America Capital Management LLC lifted its position in shares of CoreSite Realty by 5.8% in the second quarter. Mutual of America Capital Management LLC now owns 29,611 shares of the real estate investment trust’s stock valued at $3,281,000 after buying an additional 1,629 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of CoreSite Realty by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 402,677 shares of the real estate investment trust’s stock worth $44,624,000 after purchasing an additional 5,499 shares during the period. 96.71% of the stock is owned by institutional investors.

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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