Stifel Nicolaus Raises SITE Centers (NYSE:SITC) Price Target to $65.25

SITE Centers (NYSE:SITC) had its target price lifted by analysts at Stifel Nicolaus from $65.00 to $65.25 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 10.61% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company upped their price target on shares of SITE Centers from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Piper Sandler upped their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Truist Financial upped their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $131.05.

SITE Centers Price Performance

Shares of NYSE SITC traded up $0.36 on Thursday, hitting $58.99. The company’s stock had a trading volume of 79,077 shares, compared to its average volume of 496,118. SITE Centers has a 12-month low of $43.52 and a 12-month high of $64.44. The company has a market capitalization of $12.36 billion, a price-to-earnings ratio of 57.84 and a beta of 1.64. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. The stock has a 50 day moving average of $160.24 and a 200-day moving average of $203.28.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The company had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. During the same quarter in the prior year, the firm earned $4.64 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, research analysts predict that SITE Centers will post 3.67 EPS for the current year.

Insider Transactions at SITE Centers

In other news, Director Alexander Otto sold 24,041 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $232.00, for a total value of $5,577,512.00. Following the completion of the sale, the director now owns 1,107,970 shares of the company’s stock, valued at $257,049,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 60,641 shares of company stock valued at $13,940,447 over the last 90 days. Corporate insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On SITE Centers

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in SITE Centers by 2.0% during 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 in the last quarter. Long Pond Capital LP grew its holdings in SITE Centers by 403.8% during the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. Frontier Capital Management Co. LLC grew its holdings in SITE Centers by 7.5% during the 4th 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. Dimensional Fund Advisors LP boosted its stake in SITE Centers by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock valued at $39,426,000 after acquiring an additional 31,529 shares during the last quarter. Finally, Norges Bank bought a new position in SITE Centers during the 4th quarter valued at $34,740,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.