SITE Centers (NYSE:SITC) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of SITE Centers (NYSE:SITC) in a report released on Tuesday. The brokerage set a “buy” rating on the stock.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Compass Point lowered their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Piper Sandler decreased 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 report on Monday, November 4th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, SITE Centers has an average rating of “Hold” and an average target price of $58.89.

SITE Centers Trading Down 0.6 %

Shares of SITC opened at $16.00 on Tuesday. The firm has a market capitalization of $838.88 million, a price-to-earnings ratio of 1.17 and a beta of 1.62. 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 $15.43 and a 1-year high of $64.44. The company has a 50-day moving average of $25.12 and a 200 day moving average of $135.59.

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

Institutional Trading of SITE Centers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SITC. Meeder Asset Management Inc. acquired a new stake in SITE Centers during the 3rd quarter valued at approximately $2,596,000. Landscape Capital Management L.L.C. purchased a new position in shares of SITE Centers during the third quarter worth $319,000. GSA Capital Partners LLP acquired a new position in SITE Centers during the third quarter valued at $617,000. Los Angeles Capital Management LLC purchased a new stake in SITE Centers in the third quarter valued at $355,000. Finally, Van ECK Associates Corp grew its position in SITE Centers by 6.3% during the 2nd quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock worth $421,000 after purchasing an additional 1,723 shares during the period. 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.