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

SITE Centers (NYSE:SITC) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

SITC has been the topic of a number of other reports. Compass Point cut their target price on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Morgan Stanley increased their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Stifel Nicolaus lifted their target price on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Truist Financial increased their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Finally, KeyCorp restated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, SITE Centers has an average rating of “Hold” and a consensus target price of $97.18.

SITE Centers Trading Down 1.7 %

NYSE:SITC opened at $16.88 on Friday. The firm has a market capitalization of $3.54 billion, a P/E ratio of 16.55 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. SITE Centers has a one year low of $16.27 and a one year high of $64.44. The company’s 50-day simple moving average is $43.39 and its 200 day simple moving average is $166.09.

SITE Centers (NYSE:SITC) last released its 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. The firm had revenue of $113.48 million during the quarter, compared to analyst estimates of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The business’s revenue was down 16.5% on a year-over-year basis. During the same period last year, the business earned $4.64 earnings per share. As a group, analysts forecast that SITE Centers will post 3.39 EPS for the current fiscal year.

Institutional Investors Weigh In On SITE Centers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Chilton Capital Management LLC grew 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 during the period. Allspring Global Investments Holdings LLC bought a new stake in SITE Centers during the second quarter valued at approximately $42,000. Quarry LP increased its holdings in SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after buying an additional 2,857 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new position in SITE Centers in the first quarter worth approximately $147,000. Finally, Diversified Trust Co purchased a new position in shares of SITE Centers during the 2nd quarter worth $152,000. Hedge funds and other 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.