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

StockNews.com lowered shares of SITE Centers (NYSE:SITC) from a buy rating to a hold rating in a research note published on Wednesday.

Other research analysts have also issued reports about the company. Piper Sandler decreased their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Citigroup dropped their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Finally, Wells Fargo & Company dropped their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.61.

SITE Centers Trading Down 0.7 %

NYSE:SITC opened at $13.35 on Wednesday. SITE Centers has a fifty-two week low of $13.13 and a fifty-two week high of $32.22. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The stock has a market capitalization of $700.05 million, a PE ratio of 0.98 and a beta of 1.66. The business’s 50-day simple moving average is $14.88 and its 200-day simple moving average is $25.12.

SITE Centers (NYSE:SITC) last released its earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The firm had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. Sell-side analysts expect that SITE Centers will post 3.24 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the sale, the director now owns 29,082 shares of the company’s stock, valued at approximately $451,934.28. This trade represents a 11.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value of $2,599,294.05. Following the sale, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 181,457 shares of company stock worth $2,791,693. 10.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SITE Centers

Several large investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its stake in SITE Centers by 3.0% during the fourth quarter. Illinois Municipal Retirement Fund now owns 25,206 shares of the company’s stock worth $385,000 after purchasing an additional 730 shares during the last quarter. Van ECK Associates Corp lifted its stake in SITE Centers by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after purchasing an additional 833 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in SITE Centers by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,032 shares of the company’s stock worth $413,000 after purchasing an additional 1,011 shares during the last quarter. Deutsche Bank AG lifted its stake in SITE Centers by 1.9% during the fourth quarter. Deutsche Bank AG now owns 63,704 shares of the company’s stock worth $974,000 after purchasing an additional 1,195 shares during the last quarter. Finally, Vestcor Inc bought a new stake in SITE Centers during the third quarter worth about $95,000. 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.