SITE Centers (NYSE:SITC) Upgraded to Hold at Evercore ISI

Evercore ISI upgraded shares of SITE Centers (NYSE:SITC) to a hold rating in a report published on Wednesday, Zacks.com reports.

A number of other research analysts have also weighed in on the company. Piper Sandler lifted their target price on SITE Centers from $16.00 to $18.00 and gave the company an overweight rating in a report on Wednesday. Wells Fargo & Company increased their target price on shares of SITE Centers from $15.50 to $16.00 and gave the stock an overweight rating in a research note on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $15.00.

SITE Centers Trading Up 0.1 %

NYSE:SITC opened at $15.46 on Wednesday. SITE Centers has a 12 month low of $10.88 and a 12 month high of $16.11. The company has a current ratio of 3.54, a quick ratio of 3.54 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average is $14.75 and its 200 day moving average is $14.21. The stock has a market capitalization of $3.24 billion, a PE ratio of 15.16 and a beta of 1.64.

SITE Centers’s stock is going to reverse split on the morning of Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, August 19th.

SITE Centers (NYSE:SITC) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.24 by $0.87. The business had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The company’s revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 earnings per share. Sell-side analysts expect that SITE Centers will post 0.94 earnings per share for the current year.

SITE Centers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Tuesday, June 18th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, June 18th. SITE Centers’s payout ratio is 50.98%.

Insider Activity at SITE Centers

In related news, Director Alexander Otto sold 242,573 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $14.71, for a total transaction of $3,568,248.83. Following the transaction, the director now directly owns 19,071,327 shares of the company’s stock, valued at approximately $280,539,220.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 1,578,775 shares of company stock valued at $22,785,354 over the last 90 days. 10.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SITC. Chilton Capital Management LLC increased its stake in shares of SITE Centers by 384.0% in the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after buying an additional 1,536 shares during the period. GAMMA Investing LLC bought a new stake in shares of SITE Centers in the fourth quarter worth about $30,000. Allspring Global Investments Holdings LLC purchased a new position in shares of SITE Centers during the second quarter valued at approximately $42,000. Lindbrook Capital LLC raised its holdings in shares of SITE Centers by 30.4% during the fourth quarter. Lindbrook Capital LLC now owns 5,219 shares of the company’s stock valued at $71,000 after acquiring an additional 1,218 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new stake in SITE Centers in the first quarter worth $147,000. 88.70% of the stock is owned by institutional investors.

About SITE Centers

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.