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

StockNews.com initiated coverage on shares of SITE Centers (NYSE:SITC) in a research note issued to investors on Wednesday. The brokerage set a “hold” rating on the stock.

A number of other equities research analysts have also weighed in on SITC. Stifel Nicolaus boosted their price objective on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Piper Sandler dropped their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Truist Financial increased their target price on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, Compass Point lowered their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $39.38.

SITE Centers Trading Down 1.6 %

Shares of SITC stock opened at $15.38 on Wednesday. SITE Centers has a 12-month low of $15.31 and a 12-month high of $64.44. The company has a market capitalization of $806.11 million, a PE ratio of 1.13 and a beta of 1.61. The firm has a 50 day moving average price of $19.03 and a two-hundred day moving average price of $125.94. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last announced its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $89.43 million during the quarter, compared to analysts’ expectations of $104.55 million. During the same quarter in the previous year, the business posted $1.32 earnings per share. SITE Centers’s quarterly revenue was down 37.5% on a year-over-year basis. As a group, analysts predict that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. World Investment Advisors LLC purchased a new position in SITE Centers during the 3rd quarter valued at about $622,000. Virtu Financial LLC bought a new stake in SITE Centers during the 3rd quarter valued at approximately $2,399,000. Neo Ivy Capital Management bought a new stake in SITE Centers during the 3rd quarter valued at approximately $202,000. Vestcor Inc bought a new stake in SITE Centers during the 3rd quarter valued at approximately $95,000. Finally, Jane Street Group LLC boosted its position in shares of SITE Centers by 3.3% in the 3rd quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock worth $11,085,000 after purchasing an additional 5,779 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.