StockNews.com Begins Coverage on SITE Centers (NYSE:SITC)

StockNews.com began coverage on shares of SITE Centers (NYSE:SITC) in a research report report published on Monday. The firm issued a buy rating on the stock.

SITC has been the subject of a number of other reports. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Stifel Nicolaus lifted their price objective on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Compass Point reduced 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. Truist Financial raised their price target on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler reduced their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Eight equities research 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 a consensus target price of $58.89.

SITE Centers Price Performance

Shares of SITE Centers stock opened at $16.16 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. SITE Centers has a one year low of $15.43 and a one year high of $64.44. The business’s 50 day simple moving average is $26.90 and its two-hundred day simple moving average is $139.69. The stock has a market capitalization of $847.27 million, a P/E ratio of 1.18 and a beta of 1.62.

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

Institutional Trading of SITE Centers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System boosted its stake in SITE Centers by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock worth $765,000 after purchasing an additional 976 shares in the last quarter. Vanderbilt University lifted its stake in shares of SITE Centers by 10.0% in the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock worth $179,000 after buying an additional 1,126 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of SITE Centers by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock worth $1,315,000 after buying an additional 1,500 shares in the last quarter. Vestcor Inc purchased a new stake in shares of SITE Centers during the third quarter valued at approximately $95,000. Finally, Van ECK Associates Corp increased its position in shares of SITE Centers by 6.3% during the second quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock valued at $421,000 after acquiring an additional 1,723 shares in the last quarter. 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.