SITE Centers (NYSE:SITC) Rating Increased to Buy at StockNews.com

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

Several other equities research analysts also recently commented on the company. Truist Financial increased their price objective on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Morgan Stanley increased their price target on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Stifel Nicolaus boosted their price target on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, Piper Sandler upped their price objective on SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, SITE Centers has an average rating of “Hold” and a consensus target price of $97.18.

SITE Centers Stock Up 0.7 %

SITE Centers stock opened at $16.06 on Friday. The company has a fifty day simple moving average of $38.94 and a 200 day simple moving average of $158.60. The company has a current ratio of 6.55, a quick ratio of 7.36 and a debt-to-equity ratio of 0.12. SITE Centers has a 1-year low of $15.89 and a 1-year high of $64.44. The company has a market cap of $842.03 million, a P/E ratio of 1.17 and a beta of 1.62.

SITE Centers (NYSE:SITC) last released its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating 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 business had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same quarter in the previous year, the business earned $1.32 earnings per share. SITE Centers’s quarterly revenue was down 37.5% on a year-over-year basis. Research analysts anticipate that SITE Centers will post 3.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chilton Capital Management LLC grew its position 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 worth $28,000 after purchasing an additional 1,536 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of SITE Centers in the second quarter valued at approximately $42,000. Quarry LP grew its position in SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after buying an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new position in SITE Centers during the 1st quarter worth $147,000. Finally, Diversified Trust Co acquired a new position in SITE Centers in the 2nd quarter valued at $152,000. 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.