SITE Centers (NYSE:SITC) Given New $14.50 Price Target at Wells Fargo & Company

SITE Centers (NYSE:SITC) had its price objective reduced by Wells Fargo & Company from $17.00 to $14.50 in a report issued on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also commented on SITC. StockNews.com lowered SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Piper Sandler dropped their price target on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, Citigroup reduced their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $35.25.

SITE Centers Trading Down 1.2 %

SITC opened at $12.86 on Wednesday. SITE Centers has a 1-year low of $12.58 and a 1-year high of $64.44. The firm has a 50-day moving average price of $14.23 and a two-hundred day moving average price of $20.18. The stock has a market capitalization of $674.25 million, a PE ratio of 0.94 and a beta of 1.63. 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 posted its quarterly earnings data on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07). The company had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. As a group, equities analysts anticipate that SITE Centers will post 3.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vestcor Inc acquired a new position in SITE Centers in the third quarter valued at about $95,000. Neo Ivy Capital Management bought a new position in shares of SITE Centers during the 3rd quarter valued at about $202,000. Systematic Financial Management LP bought a new stake in SITE Centers during the 3rd quarter worth approximately $203,000. KBC Group NV raised its holdings in SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after buying an additional 2,193 shares during the period. Finally, Covestor Ltd raised its holdings in SITE Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after buying an additional 3,112 shares during the period. 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.