SITE Centers (NYSE:SITC) Trading Down 0.4%

Shares of SITE Centers Corp. (NYSE:SITC) dropped 0.4% during trading on Wednesday . The stock traded as low as $58.44 and last traded at $58.64. Approximately 665,544 shares changed hands during trading, an increase of 34% from the average daily volume of 498,436 shares. The stock had previously closed at $58.87.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Piper Sandler lifted their price target on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their target price on SITE Centers from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Evercore ISI raised SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Finally, Truist Financial lifted their price target on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $147.50.

SITE Centers Trading Down 0.4 %

The firm has a market cap of $12.29 billion, a price-to-earnings ratio of 57.49 and a beta of 1.64. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70. The company has a 50-day moving average price of $160.24 and a 200 day moving average price of $203.28.

SITE Centers (NYSE:SITC) last released its earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, beating the consensus estimate of $3.84 by $13.92. The company had revenue of $113.48 million for the quarter, compared to analysts’ expectations of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.64 EPS. As a group, research analysts anticipate that SITE Centers Corp. will post 3.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Alexander Otto sold 22,348 shares of SITE Centers stock in a transaction on Friday, June 28th. The stock was sold at an average price of $230.24, for a total transaction of $5,145,403.52. Following the completion of the sale, the director now owns 1,036,436 shares of the company’s stock, valued at $238,629,024.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 60,641 shares of company stock worth $13,940,447 in the last quarter. 10.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SITE Centers

Large investors have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC lifted its holdings in SITE Centers by 14.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 14,998 shares of the company’s stock worth $204,000 after purchasing an additional 1,942 shares during the last quarter. Norges Bank acquired a new stake in shares of SITE Centers in the fourth quarter worth $34,740,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of SITE Centers during the 4th quarter worth $792,000. Assetmark Inc. grew its stake in SITE Centers by 3.5% in the 4th quarter. Assetmark Inc. now owns 86,650 shares of the company’s stock valued at $1,181,000 after buying an additional 2,958 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in SITE Centers by 18.7% in the 4th quarter. Franklin Resources Inc. now owns 478,712 shares of the company’s stock worth $6,525,000 after acquiring an additional 75,402 shares during the period. 88.70% of the stock is currently owned by 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.