SITE Centers Corp. (NYSE:SITC) Receives Consensus Recommendation of “Hold” from Analysts

SITE Centers Corp. (NYSE:SITC) has received an average recommendation of “Hold” from the ten analysts that are currently covering the firm, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $36.04.

SITC has been the topic of several research reports. Piper Sandler dropped their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Stifel Nicolaus increased their price objective on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a report on Thursday, September 19th. Wells Fargo & Company downgraded shares of SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Finally, Compass Point lowered their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th.

SITE Centers Trading Down 2.0 %

Shares of NYSE:SITC opened at $15.01 on Monday. SITE Centers has a 52 week low of $14.84 and a 52 week high of $64.44. The company’s 50 day moving average is $15.86 and its two-hundred day moving average is $99.56. The company has a market cap of $786.97 million, a PE ratio of 1.10 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 (NYSE:SITC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping 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 company 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 business earned $1.32 EPS. SITE Centers’s revenue for the quarter was down 37.5% on a year-over-year basis. Equities analysts predict that SITE Centers will post 3.36 earnings per share for the current fiscal 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 transaction of $2,599,294.05. Following the completion of the sale, the chief executive officer now directly owns 136,008 shares in the company, valued at $2,093,163.12. The trade was a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.54, for a total value of $58,554.72. Following the transaction, the director now owns 29,082 shares in the company, valued at $451,934.28. This trade represents a 11.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 181,457 shares of company stock worth $2,791,693 in the last three months. Corporate insiders own 10.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of Montreal Can lifted its stake in shares of SITE Centers by 3,017.5% during the second quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock worth $11,081,000 after purchasing an additional 739,174 shares in the last quarter. APG Asset Management US Inc. boosted its holdings 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 acquiring an additional 535,550 shares during the period. Algert Global LLC grew its position in SITE Centers by 65.0% in the second quarter. Algert Global LLC now owns 411,910 shares of the company’s stock valued at $5,973,000 after acquiring an additional 162,260 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of SITE Centers by 6.8% during the second 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of SITE Centers by 19.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock worth $19,612,000 after purchasing an additional 53,412 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.