SITE Centers (NYSE:SITC) Coverage Initiated by Analysts at StockNews.com

Equities researchers at StockNews.com started coverage on shares of SITE Centers (NYSE:SITC) in a report issued on Tuesday. The brokerage set a “buy” rating on the stock.

Several other equities research analysts have also issued reports on SITC. Truist Financial increased their target price on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Wells Fargo & Company downgraded shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Stifel Nicolaus raised their price target on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Evercore ISI raised SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, SITE Centers has an average rating of “Hold” and an average price target of $58.89.

SITE Centers Stock Down 0.6 %

Shares of SITC stock opened at $16.00 on Tuesday. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers has a 12 month low of $15.43 and a 12 month high of $64.44. The stock has a market cap of $838.88 million, a P/E ratio of 1.17 and a beta of 1.62. The company has a 50 day simple moving average of $25.12 and a two-hundred day simple moving average of $135.59.

SITE Centers (NYSE:SITC) last announced its earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. During the same period last year, the firm earned $1.32 EPS. SITE Centers’s revenue for the quarter was down 37.5% compared to the same quarter last year. On average, research analysts expect that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in SITE Centers during the second quarter valued at $42,000. Quarry LP raised its position in shares of SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after buying an additional 2,857 shares in the last quarter. Vestcor Inc bought a new position in shares of SITE Centers in the 3rd quarter valued at about $95,000. O Shaughnessy Asset Management LLC purchased a new position in SITE Centers in the first quarter worth about $147,000. Finally, Diversified Trust Co bought a new stake in SITE Centers during the second quarter worth approximately $152,000. 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.