StockNews.com Begins Coverage on SITE Centers (NYSE:SITC)

Research analysts at StockNews.com initiated coverage on shares of SITE Centers (NYSE:SITC) in a research note issued to investors on Monday. The firm set a “buy” rating on the stock.

A number of other equities research analysts have also weighed in on SITC. Morgan Stanley lifted their target price on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Truist Financial boosted their price target on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Stifel Nicolaus lifted their price target on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Piper Sandler decreased their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.89.

SITE Centers Stock Performance

NYSE:SITC opened at $16.16 on Monday. The firm has a market capitalization of $847.01 million, a PE ratio of 1.18 and a beta of 1.62. The stock’s fifty day moving average is $28.59 and its 200 day moving average is $141.44. SITE Centers has a fifty-two week low of $15.43 and a fifty-two week high of $64.44. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers (NYSE:SITC) last released its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $5.20. The firm had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business’s revenue was down 37.5% on a year-over-year basis. During the same quarter last year, the business earned $1.32 EPS. On average, sell-side analysts anticipate that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Trading of SITE Centers

A number of hedge funds and other institutional investors have recently bought and sold shares of SITC. Vestcor Inc purchased a new stake in shares of SITE Centers in the 3rd quarter valued at about $95,000. Allspring Global Investments Holdings LLC purchased a new stake in SITE Centers in the second quarter valued at approximately $42,000. Neo Ivy Capital Management acquired a new stake in shares of SITE Centers in the third quarter valued at approximately $202,000. Systematic Financial Management LP purchased a new position in shares of SITE Centers during the third quarter worth approximately $203,000. Finally, Quarry LP raised its position in SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.