Wells Fargo & Company Downgrades SITE Centers (NYSE:SITC) to Equal Weight

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

Several other analysts have also recently weighed in on SITC. Piper Sandler boosted their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Truist Financial boosted their price target 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. StockNews.com began coverage on SITE Centers in a report on Sunday. They set a “hold” rating for the company. Morgan Stanley boosted their price objective on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Evercore ISI raised SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, SITE Centers currently has a consensus rating of “Hold” and a consensus price target of $110.54.

SITE Centers Trading Down 71.8 %

SITC opened at $17.06 on Wednesday. SITE Centers has a 12 month low of $16.93 and a 12 month high of $64.44. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.70. The firm’s fifty day simple moving average is $125.76 and its 200 day simple moving average is $192.34. The stock has a market capitalization of $3.57 billion, a P/E ratio of 16.73 and a beta of 1.64.

SITE Centers (NYSE:SITC) last issued its earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping the consensus estimate of $3.84 by $13.92. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The company had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. During the same period in the previous year, the company posted $4.64 EPS. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, research analysts anticipate that SITE Centers will post 3.63 EPS for the current fiscal year.

Institutional Trading of SITE Centers

A number of hedge funds have recently bought and sold shares of the company. Chilton Capital Management LLC boosted its stake in shares of SITE Centers by 384.0% during the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after purchasing an additional 1,536 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of SITE Centers during the second quarter valued at $42,000. Quarry LP boosted its holdings 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 acquiring an additional 2,857 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in shares of SITE Centers in the 1st quarter worth $147,000. Finally, Diversified Trust Co purchased a new position in SITE Centers in the second quarter worth about $152,000. Institutional investors own 88.70% of the company’s stock.

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.