Truist Financial Increases SITE Centers (NYSE:SITC) Price Target to $58.00

SITE Centers (NYSE:SITC) had its price target upped by Truist Financial from $56.00 to $58.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential downside of 3.67% from the stock’s current price.

SITC has been the topic of a number of other reports. Wells Fargo & Company lifted their target price on SITE Centers from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday. Evercore ISI upgraded SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Finally, Piper Sandler upped their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, SITE Centers currently has an average rating of “Hold” and an average target price of $147.50.

SITE Centers Stock Performance

NYSE:SITC opened at $60.21 on Wednesday. The company has a 50-day moving average of $208.34 and a 200-day moving average of $219.45. The firm has a market cap of $12.62 billion, a price-to-earnings ratio of 59.03 and a beta of 1.64. The company has a current ratio of 7.36, a quick ratio of 3.54 and a debt-to-equity ratio of 0.70. SITE Centers has a twelve month low of $43.52 and a twelve month high of $64.44.

SITE Centers (NYSE:SITC) last released its earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, beating the consensus estimate of $3.84 by $13.92. The business 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 quarterly revenue was down 16.5% on a year-over-year basis. During the same period in the prior year, the business earned $4.64 earnings per share. Analysts forecast that SITE Centers will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at SITE Centers

In other news, Director Alexander Otto sold 15,160 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $235.36, for a total value of $3,568,057.60. Following the completion of the sale, the director now directly owns 1,191,957 shares of the company’s stock, valued at $280,538,999.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 98,670 shares of company stock valued at $22,784,560 in the last 90 days. 10.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds have recently modified their holdings of SITC. Chilton Capital Management LLC boosted its position in SITE Centers by 384.0% during the first 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 last quarter. GAMMA Investing LLC bought a new position in SITE Centers during the fourth quarter valued at approximately $30,000. Allspring Global Investments Holdings LLC acquired a new stake in SITE Centers in the second quarter valued at approximately $42,000. Quarry LP lifted its stake in shares of SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC bought a new stake in SITE Centers in the first quarter worth $147,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.