Brokerages Set SITE Centers Corp. (NYSE:SITC) Price Target at $58.89

SITE Centers Corp. (NYSE:SITC) has been assigned a consensus rating of “Hold” from the ten ratings firms that are currently covering the firm, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $58.89.

SITC has been the subject of a number of research reports. Stifel Nicolaus increased their target price on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research note on Thursday, September 19th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Piper Sandler cut their price target on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. StockNews.com upgraded SITE Centers from a “hold” rating to a “buy” rating in a research note on Saturday, November 2nd. Finally, Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd.

Institutional Investors Weigh In On SITE Centers

Large investors have recently added to or reduced their stakes in the business. 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 worth $28,000 after purchasing an additional 1,536 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in SITE Centers in the 2nd quarter valued at about $42,000. Quarry LP grew its stake in 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 buying an additional 2,857 shares during the last quarter. AlphaMark Advisors LLC bought a new position in SITE Centers in the 3rd quarter valued at about $319,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in SITE Centers during the 3rd quarter worth approximately $319,000. Institutional investors own 88.70% of the company’s stock.

SITE Centers Stock Down 0.2 %

NYSE:SITC opened at $16.20 on Friday. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $849.37 million, a P/E ratio of 1.19 and a beta of 1.62. The stock’s fifty day simple moving average is $33.56 and its 200-day simple moving average is $150.03. SITE Centers has a 12-month low of $15.81 and a 12-month high of $64.44.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. During the same period last year, the firm posted $1.32 earnings per share. The business’s quarterly revenue was down 37.5% compared to the same quarter last year. Equities research analysts expect that SITE Centers will post 2.9 earnings per share for the current year.

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.