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

StockNews.com began coverage on shares of SITE Centers (NYSE:SITC) in a research note issued to investors on Monday. The brokerage issued a buy rating on the stock.

A number of other analysts have also commented on SITC. Compass Point decreased their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Truist Financial lifted their price target on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus lifted their target price on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $58.89.

SITE Centers Price Performance

SITE Centers stock opened at $16.16 on Monday. The stock has a market capitalization of $847.27 million, a price-to-earnings ratio of 1.18 and a beta of 1.62. SITE Centers has a 52-week low of $15.43 and a 52-week high of $64.44. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The stock’s 50 day moving average price is $26.90 and its two-hundred day moving average price is $139.69.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. During the same quarter in the prior year, the business earned $1.32 earnings per share. The business’s quarterly revenue was down 37.5% compared to the same quarter last year. On average, equities analysts predict that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SITC. Arizona State Retirement System grew its position in SITE Centers by 1.9% during the second quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock worth $765,000 after buying an additional 976 shares in the last quarter. Vanderbilt University grew its holdings in shares of SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock worth $179,000 after purchasing an additional 1,126 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of SITE Centers by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock worth $1,315,000 after purchasing an additional 1,500 shares during the last quarter. Vestcor Inc purchased a new stake in SITE Centers in the third quarter valued at approximately $95,000. Finally, Van ECK Associates Corp lifted its position in SITE Centers by 6.3% during the second quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock valued at $421,000 after purchasing an additional 1,723 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.