SITE Centers (NYSE:SITC) Stock Price Down 0.4%

SITE Centers Corp. (NYSE:SITC) shares dropped 0.4% during mid-day trading on Wednesday . The stock traded as low as $58.44 and last traded at $58.64. Approximately 665,544 shares changed hands during mid-day trading, an increase of 34% from the average daily volume of 498,436 shares. The stock had previously closed at $58.87.

Wall Street Analyst Weigh In

SITC has been the topic of several analyst reports. Stifel Nicolaus raised their price target on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday. Piper Sandler raised their price target on SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI raised SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Wells Fargo & Company raised their price target on SITE Centers from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Finally, Truist Financial raised their price target on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $131.05.

SITE Centers Stock Performance

The company has a market capitalization of $12.34 billion, a PE ratio of 58.32 and a beta of 1.64. The firm has a 50-day moving average of $160.24 and a two-hundred day moving average of $203.28. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, beating analysts’ consensus estimates of $3.84 by $13.92. The business had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The business’s revenue was down 16.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.64 earnings per share. Research analysts anticipate that SITE Centers Corp. will post 3.67 EPS for the current year.

Insiders Place Their Bets

In other SITE Centers news, Director Alexander Otto sold 14,252 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $225.76, for a total transaction of $3,217,531.52. Following the transaction, the director now owns 1,079,267 shares of the company’s stock, valued at $243,655,317.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 60,641 shares of company stock valued at $13,940,447. Insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Large investors have recently modified their holdings of the business. Chilton Capital Management LLC lifted its stake in 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 acquiring an additional 1,536 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in SITE Centers during the 2nd quarter worth about $42,000. Quarry LP increased its holdings in SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in SITE Centers during the 1st quarter worth about $147,000. Finally, Diversified Trust Co purchased a new stake in SITE Centers during the 2nd quarter worth about $152,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.