SITE Centers (NYSE:SITC) Shares Gap Down to $17.06

SITE Centers Corp. (NYSE:SITC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $17.06, but opened at $16.59. SITE Centers shares last traded at $16.95, with a volume of 180,474 shares trading hands.

Analyst Upgrades and Downgrades

SITC has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of SITE Centers in a research report on Sunday. They issued a “hold” rating on the stock. Stifel Nicolaus raised their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Morgan Stanley boosted their target price on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Truist Financial boosted 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. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $110.54.

SITE Centers Stock Down 2.1 %

The firm’s fifty day moving average price is $125.76 and its two-hundred day moving average price is $192.34. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 16.59 and a beta of 1.64. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, beating the consensus estimate of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The firm had revenue of $113.48 million for the quarter, compared to analyst estimates of $113.23 million. During the same quarter in the prior year, the business earned $4.64 earnings per share. The business’s quarterly revenue was down 16.5% compared to the same quarter last year. Sell-side analysts forecast that SITE Centers Corp. will post 3.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SITE Centers

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Chilton Capital Management LLC grew its position in SITE Centers by 384.0% in the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after purchasing an additional 1,536 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in SITE Centers in the 2nd quarter worth about $42,000. Quarry LP grew its position in SITE Centers by 503.9% in 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 in the last quarter. O Shaughnessy Asset Management LLC bought a new stake in SITE Centers in the 1st quarter worth about $147,000. Finally, Diversified Trust Co bought a new stake in SITE Centers in the 2nd quarter worth about $152,000. Institutional investors and hedge funds 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.