SITE Centers (NYSE:SITC) Downgraded by TheStreet to “C+”

SITE Centers (NYSE:SITC – Get Rating) was downgraded by equities researchers at TheStreet from a “b-” rating to a “c+” rating in a note issued to investors on Monday, TheStreetRatingsTable reports.

Several other analysts also recently weighed in on the stock. StockNews.com initiated coverage on shares of SITE Centers in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Wells Fargo & Company boosted their price objective on shares of SITE Centers from $16.50 to $18.50 and gave the company an “overweight” rating in a report on Thursday, April 7th. Finally, Morgan Stanley reduced their target price on SITE Centers from $17.00 to $16.50 and set an “equal weight” rating for the company in a research note on Thursday, March 3rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, SITE Centers currently has a consensus rating of “Buy” and a consensus price target of $18.20.

NYSE:SITC opened at $15.73 on Monday. The firm has a 50-day simple moving average of $16.21. SITE Centers has a one year low of $13.90 and a one year high of $17.61. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 32.10 and a beta of 1.52. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.35 and a current ratio of 0.35.

SITE Centers (NYSE:SITC – Get Rating) last announced its earnings results on Tuesday, April 26th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.05. The company had revenue of $131.10 million for the quarter, compared to analyst estimates of $126.07 million. SITE Centers had a return on equity of 6.61% and a net margin of 24.41%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 EPS. Sell-side analysts expect that SITE Centers will post 1.12 EPS for the current fiscal year.

In other news, CEO David R. Lukes sold 310,797 shares of SITE Centers stock in a transaction on Thursday, April 28th. The stock was sold at an average price of $16.59, for a total transaction of $5,156,122.23. Following the transaction, the chief executive officer now owns 1,164,513 shares in the company, valued at approximately $19,319,270.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Christa A. Vesy sold 35,000 shares of SITE Centers stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $16.88, for a total transaction of $590,800.00. The disclosure for this sale can be found here. Insiders have sold 355,297 shares of company stock valued at $5,900,632 over the last 90 days. 9.80% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in SITC. Credit Suisse AG increased its holdings in SITE Centers by 25.4% in the 3rd quarter. Credit Suisse AG now owns 384,575 shares of the company’s stock valued at $5,938,000 after purchasing an additional 77,941 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in SITE Centers by 3.3% during the third quarter. Thrivent Financial for Lutherans now owns 223,011 shares of the company’s stock worth $3,443,000 after purchasing an additional 7,084 shares during the period. Allianz Asset Management GmbH increased its stake in SITE Centers by 19.5% during the third quarter. Allianz Asset Management GmbH now owns 537,949 shares of the company’s stock worth $8,306,000 after purchasing an additional 87,949 shares during the period. Ensign Peak Advisors Inc lifted its position in shares of SITE Centers by 15.2% during the third quarter. Ensign Peak Advisors Inc now owns 100,800 shares of the company’s stock worth $1,556,000 after purchasing an additional 13,300 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of SITE Centers by 32.1% in the third quarter. Teacher Retirement System of Texas now owns 26,881 shares of the company’s stock valued at $415,000 after purchasing an additional 6,533 shares during the period. 88.34% of the stock is currently owned by institutional investors and hedge funds.

About SITE Centers (Get Rating)

SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.

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