Wells Fargo & Company Has Lowered Expectations for SITE Centers (NYSE:SITC) Stock Price

SITE Centers (NYSE:SITC) had its price objective dropped by Wells Fargo & Company from $17.50 to $17.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 11.62% from the company’s previous close.

Several other research firms also recently weighed in on SITC. Piper Sandler lowered their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. StockNews.com initiated coverage on SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating on the stock. Citigroup decreased their price target on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Finally, Compass Point decreased their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.75.

SITE Centers Stock Performance

SITC stock opened at $15.23 on Wednesday. The company has a market cap of $798.51 million, a P/E ratio of 1.11 and a beta of 1.61. SITE Centers has a 1 year low of $14.55 and a 1 year high of $32.22. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The stock’s fifty day moving average price is $15.33 and its 200-day moving average price is $65.28.

SITE Centers (NYSE:SITC) last released its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. SITE Centers’s quarterly revenue was down 37.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.32 earnings per share. On average, equities analysts forecast that SITE Centers will post 3.24 earnings per share for the current year.

Insider Transactions at SITE Centers

In related news, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the transaction, the chief executive officer now owns 136,008 shares in the company, valued at approximately $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers 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 completion of the transaction, the director now owns 29,082 shares of the company’s stock, valued at approximately $451,934.28. This represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its position in shares of SITE Centers by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after buying an additional 833 shares during the period. Vestcor Inc purchased a new position in shares of SITE Centers during the third quarter valued at approximately $95,000. The Manufacturers Life Insurance Company boosted its position in shares of SITE Centers by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company’s stock valued at $1,510,000 after buying an additional 1,751 shares during the period. KBC Group NV boosted its position in shares of SITE Centers by 170.4% during the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after buying an additional 2,193 shares during the period. Finally, Quarry LP boosted 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 buying an additional 2,857 shares during the period. Hedge funds and other institutional investors 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.