Brokerages Set SITE Centers Corp. (NYSE:SITC) Price Target at $36.04

SITE Centers Corp. (NYSE:SITC) has earned a consensus recommendation of “Hold” from the nine research firms that are covering the company, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $36.04.

SITC has been the subject of a number of recent analyst reports. Citigroup decreased their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Morgan Stanley upped their target price on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Compass Point lowered their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company lowered SITE Centers from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd.

Insider Activity

In other SITE Centers news, CEO David R. Lukes sold 168,895 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the sale, the chief executive officer now directly owns 136,008 shares in the company, valued at $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John M. Cattonar sold 8,794 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total transaction of $133,844.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 181,457 shares of company stock worth $2,791,693. 10.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SITE Centers

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vestcor Inc acquired a new position in SITE Centers during the 3rd quarter worth $95,000. Neo Ivy Capital Management acquired a new position in shares of SITE Centers during the third quarter valued at $202,000. Systematic Financial Management LP bought a new position in SITE Centers in the third quarter valued at about $203,000. Quarry LP increased its position in SITE Centers by 503.9% in the second 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. Finally, KBC Group NV raised its holdings in SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after purchasing an additional 2,193 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Price Performance

SITC stock opened at $15.53 on Friday. The firm has a market cap of $813.98 million, a P/E ratio of 1.14 and a beta of 1.61. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. SITE Centers has a 1 year low of $14.55 and a 1 year high of $64.44. The stock has a 50-day simple moving average of $15.39 and a 200-day simple moving average of $69.18.

SITE Centers (NYSE:SITC) last announced its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. During the same period in the prior year, the company posted $1.32 EPS. SITE Centers’s quarterly revenue was down 37.5% on a year-over-year basis. On average, equities analysts predict that SITE Centers will post 3.24 earnings per share for the current fiscal year.

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.