SITE Centers (NYSE:SITC) Receives Overweight Rating from Wells Fargo & Company

Wells Fargo & Company restated their overweight rating on shares of SITE Centers (NYSE:SITC) in a report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has a $15.50 price target on the stock.

SITC has been the topic of several other reports. Piper Sandler decreased their price target on shares of SITE Centers from $17.00 to $16.00 and set an overweight rating on the stock in a research note on Wednesday, December 20th. Wolfe Research cut shares of SITE Centers from an outperform rating to a peer perform rating in a research note on Friday, January 5th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $14.25.

SITE Centers Stock Performance

NYSE SITC opened at $14.43 on Monday. SITE Centers has a 1-year low of $10.88 and a 1-year high of $14.71. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 0.81. The company has a 50 day moving average of $13.96 and a 200-day moving average of $13.30. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 11.93 and a beta of 1.58.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.26 by $0.66. SITE Centers had a net margin of 49.25% and a return on equity of 14.00%. The business had revenue of $123.20 million for the quarter, compared to analysts’ expectations of $127.81 million. During the same period in the prior year, the firm earned $0.29 earnings per share. SITE Centers’s revenue was down 9.7% compared to the same quarter last year. On average, equities analysts forecast that SITE Centers will post 0.94 earnings per share for the current fiscal year.

SITE Centers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Thursday, March 14th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $0.52 dividend on an annualized basis and a yield of 3.60%. SITE Centers’s payout ratio is presently 42.98%.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Natixis Advisors L.P. boosted its position in shares of SITE Centers by 77.3% during the first quarter. Natixis Advisors L.P. now owns 28,476 shares of the company’s stock worth $476,000 after purchasing an additional 12,416 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of SITE Centers by 56.0% during the first quarter. MetLife Investment Management LLC now owns 91,158 shares of the company’s stock worth $1,523,000 after purchasing an additional 32,714 shares in the last quarter. Panagora Asset Management Inc. bought a new position in shares of SITE Centers during the first quarter worth $959,000. Rhumbline Advisers boosted its position in shares of SITE Centers by 0.4% during the first quarter. Rhumbline Advisers now owns 579,418 shares of the company’s stock worth $9,682,000 after purchasing an additional 2,238 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of SITE Centers by 14.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 154,777 shares of the company’s stock worth $2,586,000 after purchasing an additional 19,084 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

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.