SITE Centers (NYSE:SITC) Lowered to Sell at StockNews.com

SITE Centers (NYSE:SITC) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Friday.

SITC has been the subject of a number of other reports. Wells Fargo & Company began coverage on shares of SITE Centers in a report on Tuesday, May 23rd. They issued an “equal weight” rating and a $12.50 price objective for the company. Compass Point raised their price objective on shares of SITE Centers from $13.00 to $14.50 in a report on Wednesday, July 26th. Finally, Mizuho boosted their target price on shares of SITE Centers from $12.00 to $15.00 in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.17.

SITE Centers Stock Performance

Shares of NYSE SITC opened at $13.57 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.97. The stock has a 50 day simple moving average of $13.64 and a 200-day simple moving average of $12.78. The company has a market cap of $2.84 billion, a PE ratio of 27.69 and a beta of 1.57. SITE Centers has a 12-month low of $10.42 and a 12-month high of $14.63.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data on Tuesday, July 25th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.27). The business had revenue of $136.00 million for the quarter, compared to analyst estimates of $136.16 million. SITE Centers had a return on equity of 6.07% and a net margin of 21.07%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. On average, equities research analysts forecast that SITE Centers will post 1.15 EPS for the current year.

Insider Activity

In related news, CFO Conor Fennerty sold 12,000 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $13.26, for a total transaction of $159,120.00. Following the transaction, the chief financial officer now directly owns 97,364 shares of the company’s stock, valued at $1,291,046.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of SITE Centers by 206.3% in the first quarter. Tower Research Capital LLC TRC now owns 5,845 shares of the company’s stock valued at $71,000 after purchasing an additional 3,937 shares during the period. Lazard Asset Management LLC purchased a new position in SITE Centers in the 1st quarter worth approximately $76,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of SITE Centers by 90.2% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,454 shares of the company’s stock worth $89,000 after acquiring an additional 3,535 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in SITE Centers by 83.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 7,344 shares of the company’s stock valued at $97,000 after buying an additional 3,345 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in SITE Centers by 826.3% in the 2nd quarter. Bessemer Group Inc. now owns 7,772 shares of the company’s stock worth $103,000 after purchasing an additional 6,933 shares in the last quarter. 91.87% of the stock is owned by institutional investors.

SITE Centers Company Profile

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.