SITE Centers (NYSE:SITC) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of SITE Centers (NYSE:SITC) from a hold rating to a buy rating in a report issued on Saturday morning.

SITC has been the topic of several other research reports. Wells Fargo & Company cut SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their price target on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Truist Financial lifted their price target on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Piper Sandler lifted their price target on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SITE Centers currently has an average rating of “Hold” and an average target price of $97.18.

SITE Centers Stock Performance

SITC opened at $16.06 on Friday. The business’s 50 day moving average is $38.94 and its 200-day moving average is $159.00. The stock has a market cap of $842.03 million, a PE ratio of 1.17 and a beta of 1.62. The company has a current ratio of 6.55, a quick ratio of 7.36 and a debt-to-equity ratio of 0.12. SITE Centers has a twelve month low of $15.89 and a twelve month high of $64.44.

SITE Centers (NYSE:SITC) last announced its earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping the consensus estimate of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. During the same quarter in the previous year, the company earned $1.32 earnings per share. The firm’s quarterly revenue was down 37.5% compared to the same quarter last year. On average, analysts predict that SITE Centers will post 3.36 earnings per share for the current year.

Hedge Funds Weigh In On SITE Centers

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its stake in shares of SITE Centers by 21.4% during the 1st quarter. BNP Paribas Financial Markets now owns 96,225 shares of the company’s stock valued at $1,410,000 after buying an additional 16,969 shares during the period. Texas Permanent School Fund Corp boosted its stake in shares of SITE Centers by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 157,546 shares of the company’s stock valued at $2,308,000 after buying an additional 2,109 shares during the period. Chilton Capital Management LLC boosted its stake in shares of SITE Centers by 384.0% during the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after buying an additional 1,536 shares during the period. QRG Capital Management Inc. boosted its stake in shares of SITE Centers by 20.6% during the 1st quarter. QRG Capital Management Inc. now owns 19,386 shares of the company’s stock valued at $284,000 after buying an additional 3,315 shares during the period. Finally, ProShare Advisors LLC boosted its stake in shares of SITE Centers by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 38,210 shares of the company’s stock valued at $560,000 after buying an additional 2,647 shares during the period. 88.70% of the stock is currently owned by hedge funds and other 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.