Morgan Stanley Raises SITE Centers (NYSE:SITC) Price Target to $57.00

SITE Centers (NYSE:SITC) had its price target boosted by Morgan Stanley from $56.00 to $57.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 234.11% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Stifel Nicolaus boosted their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a report on Thursday, September 19th. Wells Fargo & Company boosted their price target on shares of SITE Centers from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Piper Sandler boosted their price target on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Truist Financial upped their target price on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, StockNews.com assumed coverage on shares of SITE Centers in a research report on Sunday. They set a “hold” rating for the company. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $118.71.

SITE Centers Trading Down 71.8 %

Shares of SITE Centers stock opened at $17.06 on Monday. The firm has a market capitalization of $3.57 billion, a PE ratio of 16.73 and a beta of 1.64. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. The company’s fifty day moving average price is $125.76 and its two-hundred day moving average price is $192.34. SITE Centers has a 52-week low of $16.93 and a 52-week high of $64.44.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.84 by $13.92. The firm had revenue of $113.48 million for the quarter, compared to analyst estimates of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.64 EPS. On average, analysts expect that SITE Centers will post 3.63 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in SITE Centers by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock worth $413,531,000 after buying an additional 608,996 shares in the last quarter. Chilton Capital Management LLC raised its position in shares of SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after acquiring an additional 1,536 shares during the last quarter. Roumell Asset Management LLC acquired a new position in shares of SITE Centers during the fourth quarter valued at $1,499,000. Frontier Capital Management Co. LLC boosted its holdings in SITE Centers by 7.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,800,420 shares of the company’s stock valued at $38,170,000 after acquiring an additional 196,094 shares during the last quarter. Finally, Pensionfund Sabic increased its position in SITE Centers by 100.0% in the first quarter. Pensionfund Sabic now owns 20,000 shares of the company’s stock worth $293,000 after purchasing an additional 10,000 shares during the period. Institutional investors own 88.70% of the company’s stock.

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.