StockNews.com Lowers SITE Centers (NYSE:SITC) to Hold

SITE Centers (NYSE:SITC) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

SITC has been the subject of a number of other reports. Morgan Stanley boosted their target price on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Compass Point decreased their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Piper Sandler boosted their target price on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Truist Financial boosted their target price on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $97.18.

SITE Centers Stock Down 1.7 %

SITC stock traded down $0.30 during midday trading on Friday, hitting $16.88. The company’s stock had a trading volume of 589,688 shares, compared to its average volume of 623,361. The company has a market cap of $3.54 billion, a PE ratio of 16.54 and a beta of 1.64. SITE Centers has a 12 month low of $16.27 and a 12 month high of $64.44. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.70. The firm’s 50-day moving average is $47.97 and its 200-day moving average is $167.96.

SITE Centers (NYSE:SITC) last released its quarterly earnings data 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 business had revenue of $113.48 million for the quarter, compared to analysts’ expectations of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The firm’s quarterly revenue was down 16.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.64 EPS. On average, equities research analysts forecast that SITE Centers will post 3.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

Several large investors have recently made changes to their positions in the business. Long Pond Capital LP lifted its holdings in SITE Centers by 403.8% in the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. Bank of Montreal Can lifted its holdings in SITE Centers by 3,017.5% in the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock worth $11,081,000 after purchasing an additional 739,174 shares in the last quarter. APG Asset Management US Inc. lifted its holdings in SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after purchasing an additional 535,550 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in SITE Centers in the 2nd quarter worth approximately $3,089,000. Finally, Algert Global LLC lifted its holdings in SITE Centers by 65.0% in the 2nd quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after purchasing an additional 162,260 shares in the last quarter. 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.