SITE Centers (NYSE:SITC) Earns Hold Rating from Analysts at StockNews.com

Equities research analysts at StockNews.com started coverage on shares of SITE Centers (NYSE:SITC) in a research report issued to clients and investors on Wednesday. The brokerage set a “hold” rating on the stock.

A number of other analysts have also recently weighed in on the stock. Truist Financial boosted their target price on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Piper Sandler dropped their target price on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Compass Point lowered their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Finally, Morgan Stanley upped their target price on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $39.38.

SITE Centers Price Performance

SITC stock opened at $15.59 on Wednesday. The stock has a 50-day moving average price of $20.78 and a two-hundred day moving average price of $128.23. The stock has a market cap of $817.38 million, a PE ratio of 1.14 and a beta of 1.61. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers has a 1 year low of $15.43 and a 1 year high of $64.44.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data 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. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. During the same period last year, the business posted $1.32 earnings per share. The business’s revenue for the quarter was down 37.5% compared to the same quarter last year. Equities analysts forecast that SITE Centers will post 2.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SITC. Dimensional Fund Advisors LP boosted its position in shares of SITE Centers by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock worth $39,426,000 after purchasing an additional 31,529 shares during the period. APG Asset Management US Inc. increased its stake in SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after buying an additional 535,550 shares during the period. Renaissance Technologies LLC increased its position in SITE Centers by 6.8% during the 2nd quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock valued at $12,794,000 after purchasing an additional 56,013 shares during the period. Bank of Montreal Can grew its position in shares of SITE Centers by 3,017.5% in the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock worth $11,081,000 after buying an additional 739,174 shares during the last quarter. Finally, Peregrine Capital Management LLC boosted its stake in SITE Centers by 13.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 488,993 shares of the company’s stock worth $7,090,000 after purchasing an additional 57,281 shares in the last quarter. 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.