Wells Fargo & Company Cuts SITE Centers (NYSE:SITC) Price Target to $17.00

SITE Centers (NYSE:SITC) had its price target decreased by Wells Fargo & Company from $17.50 to $17.00 in a research report report published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research analysts also recently issued reports on SITC. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Piper Sandler lowered their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. StockNews.com began coverage on SITE Centers in a report on Wednesday, December 4th. They set a “hold” rating on the stock. Compass Point lowered their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Finally, Citigroup dropped their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.75.

SITE Centers Trading Down 1.5 %

Shares of NYSE:SITC opened at $14.99 on Wednesday. The business has a 50-day moving average price of $15.31 and a 200-day moving average price of $63.71. The stock has a market cap of $786.14 million, a price-to-earnings ratio of 1.10 and a beta of 1.61. SITE Centers has a 52-week low of $14.55 and a 52-week high of $32.22. 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 issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. SITE Centers’s quarterly revenue was down 37.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.32 EPS. Equities analysts predict that SITE Centers will post 3.24 EPS for the current year.

Insider Buying and Selling

In other news, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction dated 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 owns 136,008 shares in the company, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John M. Cattonar sold 8,794 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is owned by corporate insiders.

Institutional Trading of SITE Centers

Several large investors have recently made changes to their positions in the company. Quarry LP boosted its stake in 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 last quarter. KBC Group NV lifted its stake in shares of SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after buying an additional 2,193 shares in the last quarter. Vestcor Inc acquired a new position in SITE Centers during the third quarter worth about $95,000. Van ECK Associates Corp grew its stake in SITE Centers by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after acquiring an additional 833 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new stake in SITE Centers in the 4th quarter valued at about $163,000. 88.70% of the stock is currently 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.