SITE Centers (NYSE:SITC) Rating Lowered to Equal Weight at Wells Fargo & Company

SITE Centers (NYSE:SITC) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. They currently have a $19.00 price objective on the stock, down from their prior price objective of $68.00. Wells Fargo & Company‘s target price indicates a potential upside of 12.09% from the company’s current price.

A number of other research analysts have also issued reports on SITC. Truist Financial upped their target price on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Stifel Nicolaus raised their target price 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. Evercore ISI upgraded SITE Centers to a “hold” rating in a report on Wednesday, July 31st. StockNews.com initiated coverage on SITE Centers in a report on Sunday, September 29th. They set a “hold” rating on the stock. Finally, Morgan Stanley upped their target price on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $110.54.

SITE Centers Trading Up 2.2 %

Shares of SITC opened at $16.95 on Wednesday. SITE Centers has a 1-year low of $16.50 and a 1-year high of $64.44. 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 firm has a 50 day simple moving average of $116.68 and a 200-day simple moving average of $189.90. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 16.62 and a beta of 1.64.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, topping the consensus estimate of $3.84 by $13.92. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The company had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. During the same quarter last year, the business posted $4.64 earnings per share. SITE Centers’s revenue was down 16.5% compared to the same quarter last year. Equities analysts forecast that SITE Centers will post 3.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Chilton Capital Management LLC grew its position in SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after acquiring an additional 1,536 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of SITE Centers during the 2nd quarter worth about $42,000. Quarry LP grew its holdings in shares of SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the period. O Shaughnessy Asset Management LLC acquired a new stake in SITE Centers during the 1st quarter worth approximately $147,000. Finally, Diversified Trust Co acquired a new position in SITE Centers during the second quarter valued at approximately $152,000. 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.