SITE Centers (NYSE:SITC) Downgraded by Wells Fargo & Company

SITE Centers (NYSE:SITC) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Wednesday, Briefing.com reports. They currently have a $19.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 11.37% from the company’s current price.

SITC has been the subject of a number of other research reports. 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. Piper Sandler lifted their target price 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. Evercore ISI raised SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Stifel Nicolaus increased their price objective on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, StockNews.com initiated coverage on shares of SITE Centers in a report on Sunday. They issued a “hold” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $110.54.

SITE Centers Stock Performance

Shares of SITC stock opened at $17.06 on Wednesday. The stock has a 50 day simple moving average of $125.76 and a 200-day simple moving average of $192.34. SITE Centers has a 12-month low of $16.93 and a 12-month high of $64.44. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 16.73 and a beta of 1.64. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.84 by $13.92. The company had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The company’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same period last year, the firm earned $4.64 EPS. On average, equities analysts forecast that SITE Centers will post 3.63 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of SITE Centers by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock valued at $413,531,000 after purchasing an additional 608,996 shares during the period. Chilton Capital Management LLC grew its position in SITE Centers by 384.0% during the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after purchasing an additional 1,536 shares in the last quarter. Roumell Asset Management LLC acquired a new stake in SITE Centers during the 4th quarter valued at $1,499,000. Frontier Capital Management Co. LLC lifted its holdings in shares of SITE Centers by 7.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,800,420 shares of the company’s stock valued at $38,170,000 after purchasing an additional 196,094 shares in the last quarter. Finally, Pensionfund Sabic boosted its position in shares of SITE Centers by 100.0% in the first quarter. Pensionfund Sabic now owns 20,000 shares of the company’s stock worth $293,000 after buying an additional 10,000 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

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.