SITE Centers Corp. (NYSE:SITC) Receives Average Rating of “Hold” from Brokerages

Shares of SITE Centers Corp. (NYSE:SITC) have been assigned a consensus recommendation of “Hold” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $39.38.

SITC has been the subject of several recent analyst reports. Piper Sandler reduced their target price on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. StockNews.com started coverage on SITE Centers in a research report on Wednesday. They set a “hold” rating on the stock. Compass Point reduced their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Truist Financial increased their price objective on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Finally, Morgan Stanley raised their price target on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th.

SITE Centers Stock Up 0.2 %

NYSE:SITC opened at $15.62 on Thursday. The company has a market cap of $818.96 million, a PE ratio of 1.14 and a beta of 1.61. SITE Centers has a one year low of $15.43 and a one year high of $64.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The firm’s 50 day simple moving average is $19.90 and its 200 day simple moving average is $126.72.

SITE Centers (NYSE:SITC) last released its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. SITE Centers’s revenue for the quarter was down 37.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.32 EPS. On average, research analysts anticipate that SITE Centers will post 2.9 earnings per share for the current year.

Hedge Funds Weigh In On SITE Centers

Large investors have recently modified their holdings of the stock. Bank of Montreal Can increased its position in shares of SITE Centers by 3,017.5% during the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after purchasing an additional 739,174 shares during the last quarter. APG Asset Management US Inc. increased its stake in SITE Centers by 145.0% in the second quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after purchasing an additional 535,550 shares during the period. Panagora Asset Management Inc. purchased a new stake in SITE Centers in the second quarter worth $3,089,000. Algert Global LLC grew its position in shares of SITE Centers by 65.0% during the 2nd quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after buying an additional 162,260 shares in the last quarter. Finally, TCW Group Inc. boosted its position in SITE Centers by 91.6% during the second quarter. TCW Group Inc. now owns 214,796 shares of the company’s stock valued at $3,115,000 after purchasing an additional 102,673 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.