SITE Centers (NYSE:SITC) Upgraded at StockNews.com

StockNews.com upgraded shares of SITE Centers (NYSE:SITC) from a hold rating to a buy rating in a research report sent to investors on Saturday.

Several other research firms also recently weighed in on SITC. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Truist Financial lifted their target price on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Compass Point reduced their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Stifel Nicolaus lifted their price objective on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Piper Sandler increased their target price on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, SITE Centers presently has an average rating of “Hold” and an average price target of $58.89.

SITE Centers Price Performance

NYSE SITC opened at $16.16 on Friday. The stock has a market capitalization of $847.27 million, a price-to-earnings ratio of 1.18 and a beta of 1.62. SITE Centers has a 1-year low of $15.89 and a 1-year high of $64.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 7.36. The business’s fifty day moving average price is $38.03 and its 200-day moving average price is $157.19.

SITE Centers (NYSE:SITC) last released its quarterly 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 return on equity of 34.20% and a net margin of 164.10%. The business had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. During the same period in the previous year, the company posted $1.32 EPS. The business’s quarterly revenue was down 37.5% compared to the same quarter last year. On average, equities analysts predict that SITE Centers will post 3.36 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

A number of institutional investors have recently added to or reduced their stakes in SITC. Chilton Capital Management LLC boosted its position in shares of SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after acquiring an additional 1,536 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of SITE Centers during the 2nd quarter valued at about $42,000. Quarry LP grew its position in shares of SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new stake in shares of SITE Centers in the first quarter worth about $147,000. Finally, Diversified Trust Co purchased a new stake in shares of SITE Centers in the second quarter worth about $152,000. 88.70% of the stock is 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.