SITE Centers Corp. (NYSE:SITC) Receives $35.75 Average PT from Brokerages

Shares of SITE Centers Corp. (NYSE:SITC) have earned an average recommendation of “Hold” from the nine research firms that are currently covering the firm, MarketBeat Ratings reports. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $35.75.

SITC has been the subject of a number of research reports. StockNews.com initiated coverage on shares of SITE Centers in a research note on Wednesday, December 4th. They issued a “hold” rating for the company. Piper Sandler cut their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company cut their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, Citigroup cut their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th.

Insider Activity

In other news, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.54, for a total transaction of $58,554.72. Following the sale, the director now owns 29,082 shares in the company, valued at $451,934.28. This represents a 11.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John M. Cattonar sold 8,794 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was 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. Insiders have sold a total of 181,457 shares of company stock worth $2,791,693 over the last 90 days. 10.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SITE Centers

Several institutional investors and hedge funds have recently added to or reduced their stakes in SITC. Pacer Advisors Inc. purchased a new stake in SITE Centers in the fourth quarter worth approximately $34,297,000. Invesco Ltd. boosted its holdings in SITE Centers by 777.4% in the fourth quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock worth $32,432,000 after purchasing an additional 1,879,351 shares during the last quarter. Rush Island Management LP boosted its holdings in SITE Centers by 161.0% in the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock worth $24,193,000 after purchasing an additional 976,110 shares during the last quarter. Man Group plc boosted its holdings in SITE Centers by 1,126.0% in the fourth quarter. Man Group plc now owns 771,623 shares of the company’s stock worth $11,798,000 after purchasing an additional 708,685 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in SITE Centers by 3,701.4% in the fourth quarter. AQR Capital Management LLC now owns 727,672 shares of the company’s stock worth $11,126,000 after purchasing an additional 708,530 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Price Performance

SITC stock opened at $14.62 on Tuesday. SITE Centers has a 1 year low of $14.47 and a 1 year high of $32.22. The company has a market cap of $766.26 million, a P/E ratio of 1.07 and a beta of 1.60. The firm has a 50-day moving average of $15.08 and a 200 day moving average of $34.96. 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 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.