SITE Centers (NYSE:SITC) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of SITE Centers (NYSE:SITC) in a report issued on Monday. The firm set a “buy” rating on the stock.

Several other analysts also recently weighed in on SITC. Piper Sandler raised their target price on SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Morgan Stanley upped their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Evercore ISI raised SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Finally, Truist Financial upped their target price on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $110.54.

SITE Centers Stock Down 0.5 %

SITC stock opened at $17.45 on Monday. The company has a 50 day moving average price of $107.38 and a two-hundred day moving average price of $186.42. The company has a debt-to-equity ratio of 0.70, a quick ratio of 7.36 and a current ratio of 7.36. The stock has a market capitalization of $3.66 billion, a P/E ratio of 17.12 and a beta of 1.64. SITE Centers has a one year low of $16.50 and a one year high of $64.44.

SITE Centers (NYSE:SITC) last released its earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.84 by $13.92. The firm had revenue of $113.48 million during 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%. SITE Centers’s revenue was down 16.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.64 earnings per share. As a group, sell-side analysts expect that SITE Centers will post 3.63 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC raised its holdings in SITE Centers by 115.1% during the third quarter. SG Americas Securities LLC now owns 16,318 shares of the company’s stock valued at $987,000 after buying an additional 8,731 shares in the last quarter. Quarry LP increased its position in SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after acquiring an additional 2,857 shares during the period. Algert Global LLC increased its stake in SITE Centers by 65.0% during the second quarter. Algert Global LLC now owns 411,910 shares of the company’s stock valued at $5,973,000 after acquiring an additional 162,260 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of SITE Centers by 1.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company’s stock valued at $1,510,000 after buying an additional 1,751 shares in the last quarter. Finally, APG Asset Management US Inc. lifted its position in shares of SITE Centers by 145.0% during the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after buying an additional 535,550 shares during the period. 88.70% of the stock is owned by hedge funds and other 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.