Brokerages Set SITE Centers Corp. (NYSE:SITC) Target Price at $35.75

Shares of SITE Centers Corp. (NYSE:SITC) have been given a consensus recommendation of “Hold” by the nine research firms that are covering the firm, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $35.75.

Several research analysts have issued reports on the stock. Citigroup decreased their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Piper Sandler cut their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Wells Fargo & Company decreased their price target on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, StockNews.com started coverage on shares of SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating on the stock.

Insiders Place Their Bets

In other SITE Centers news, EVP John M. Cattonar sold 8,794 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the transaction, the director now owns 29,082 shares in the company, valued at approximately $451,934.28. This represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,457 shares of company stock worth $2,791,693 over the last quarter. Company insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. purchased a new stake in SITE Centers during the fourth quarter valued at approximately $34,297,000. Invesco Ltd. lifted its holdings in shares of SITE Centers by 777.4% during the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock valued at $32,432,000 after purchasing an additional 1,879,351 shares during the last quarter. Rush Island Management LP boosted its position in shares of SITE Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock worth $24,193,000 after purchasing an additional 976,110 shares in the last quarter. Man Group plc increased its position in SITE Centers by 1,126.0% during the 4th quarter. Man Group plc now owns 771,623 shares of the company’s stock valued at $11,798,000 after buying an additional 708,685 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in SITE Centers by 3,701.4% in the fourth quarter. AQR Capital Management LLC now owns 727,672 shares of the company’s stock valued at $11,126,000 after buying an additional 708,530 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Trading Down 0.2 %

Shares of NYSE SITC opened at $14.69 on Tuesday. The stock has a market cap of $770.04 million, a P/E ratio of 1.07 and a beta of 1.60. 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 1 year low of $14.53 and a 1 year high of $32.22. The firm has a 50-day moving average of $15.12 and a 200 day moving average of $41.02.

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.