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

SITE Centers Corp. (NYSE:SITC) has received an average rating of “Hold” from the nine research firms that are covering the stock, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $35.61.

A number of equities analysts have recently commented on SITC shares. Piper Sandler lowered their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Citigroup lowered their price target on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. StockNews.com downgraded shares of SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company decreased their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th.

Insider Activity at SITE Centers

In related news, Director Dawn M. Sweeney sold 3,768 shares of the company’s 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 sale, the director now directly owns 29,082 shares of the company’s stock, valued at $451,934.28. This represents a 11.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John M. Cattonar sold 8,794 shares of SITE Centers stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. Insiders own 10.10% of the company’s stock.

Institutional Trading of SITE Centers

Institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Advisers LP increased its stake in SITE Centers by 543.6% in the fourth quarter. Two Sigma Advisers LP now owns 73,053 shares of the company’s stock valued at $1,117,000 after purchasing an additional 61,703 shares during the period. Two Sigma Investments LP purchased a new position in shares of SITE Centers during the fourth quarter worth about $4,340,000. Tidal Investments LLC acquired a new position in SITE Centers in the 4th quarter valued at about $504,000. Rush Island Management LP raised its stake in SITE Centers by 161.0% during the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after acquiring an additional 976,110 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in SITE Centers by 44.5% during the 4th quarter. ProShare Advisors LLC now owns 14,307 shares of the company’s stock worth $219,000 after acquiring an additional 4,405 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Stock Performance

Shares of SITC stock opened at $12.71 on Friday. The firm has a 50 day moving average of $14.57 and a two-hundred day moving average of $23.03. The stock has a market capitalization of $666.12 million, a PE ratio of 0.93 and a beta of 1.63. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers has a 52 week low of $12.58 and a 52 week high of $64.44.

SITE Centers (NYSE:SITC) last released its earnings results on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $32.87 million during the quarter, compared to analysts’ expectations of $43.58 million. On average, research analysts predict that SITE Centers will post 3.24 EPS for the current fiscal year.

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.