SITE Centers (NYSE:SITC) Given New $19.00 Price Target at Piper Sandler

SITE Centers (NYSE:SITC) had its price objective cut by Piper Sandler from $20.00 to $19.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

SITC has been the topic of several other reports. Wells Fargo & Company dropped their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Citigroup decreased their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, StockNews.com raised SITE Centers from a “hold” rating to a “buy” rating in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.61.

SITE Centers Price Performance

Shares of SITC opened at $14.01 on Friday. SITE Centers has a 1-year low of $13.30 and a 1-year high of $32.22. The company has a market cap of $734.28 million, a price-to-earnings ratio of 1.02 and a beta of 1.63. The company’s fifty day simple moving average is $15.00 and its 200 day simple moving average is $31.48. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last posted its earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. On average, research analysts forecast that SITE Centers will post 3.24 earnings per share for the current fiscal year.

Insider Activity at SITE Centers

In other news, EVP John M. Cattonar sold 8,794 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dawn M. Sweeney sold 3,768 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders sold a total of 181,457 shares of company stock worth $2,791,693 in the last quarter. 10.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds have recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in SITE Centers in the third quarter worth approximately $355,000. GSA Capital Partners LLP purchased a new position in SITE Centers in the third quarter valued at $617,000. Quest Partners LLC boosted its holdings in SITE Centers by 1,046.5% in the third quarter. Quest Partners LLC now owns 30,394 shares of the company’s stock valued at $1,839,000 after purchasing an additional 27,743 shares during the period. Meeder Asset Management Inc. acquired a new stake in SITE Centers in the third quarter valued at $2,596,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in SITE Centers in the third quarter valued at $319,000. 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.