SITE Centers Corp. (NYSE:SITC) Given Average Recommendation of “Hold” by Analysts

SITE Centers Corp. (NYSE:SITC) has been assigned a consensus rating of “Hold” from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $35.61.

Several analysts have recently issued reports on the company. Piper Sandler reduced their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Citigroup reduced their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. StockNews.com lowered SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company reduced their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th.

SITE Centers Stock Performance

SITC opened at $12.86 on Friday. The firm has a market cap of $673.99 million, a P/E ratio of 0.94 and a beta of 1.63. SITE Centers has a 52-week low of $12.58 and a 52-week high of $64.44. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The business’s fifty day moving average is $14.43 and its 200-day moving average is $21.76.

SITE Centers (NYSE:SITC) last released its earnings results on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.07). The company had revenue of $32.87 million for the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. Sell-side analysts expect that SITE Centers will post 3.24 EPS for the current fiscal year.

Insider Activity

In other news, EVP John M. Cattonar sold 8,794 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On SITE Centers

A number of hedge funds have recently added to or reduced their stakes in SITC. Pacer Advisors Inc. bought a new stake in SITE Centers in the fourth quarter worth approximately $34,297,000. Invesco Ltd. increased its holdings in SITE Centers by 777.4% in the fourth quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock worth $32,432,000 after purchasing an additional 1,879,351 shares in the last quarter. Rush Island Management LP increased its holdings in SITE Centers by 161.0% in the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock worth $24,193,000 after purchasing an additional 976,110 shares in the last quarter. Man Group plc increased its holdings in SITE Centers by 1,126.0% in the fourth quarter. Man Group plc now owns 771,623 shares of the company’s stock worth $11,798,000 after purchasing an additional 708,685 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in SITE Centers by 3,701.4% in the fourth quarter. AQR Capital Management LLC now owns 727,672 shares of the company’s stock worth $11,126,000 after purchasing an additional 708,530 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

SITE Centers Company Profile

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.