SITE Centers (NYSE:SITC) Given New $16.00 Price Target at Citigroup

SITE Centers (NYSE:SITC) had its target price cut by Citigroup from $18.00 to $16.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 4.10% from the company’s previous close.

A number of other brokerages have also recently weighed in on SITC. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Compass Point reduced their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. StockNews.com assumed coverage on shares of SITE Centers in a report on Wednesday, December 4th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus boosted their price objective on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research report on Thursday, September 19th. Nine investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.04.

SITE Centers Price Performance

Shares of SITC stock opened at $15.37 on Monday. SITE Centers has a 52-week low of $15.26 and a 52-week high of $64.44. The stock has a market cap of $805.85 million, a PE ratio of 1.13 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. The firm’s 50 day moving average price is $16.36 and its two-hundred day moving average price is $120.78.

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. The company had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business’s quarterly revenue was down 37.5% compared to the same quarter last year. During the same period last year, the firm posted $1.32 earnings per share. As a group, analysts forecast that SITE Centers will post 2.9 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. bought a new stake in SITE Centers during the 3rd quarter worth about $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of SITE Centers by 19.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock valued at $19,612,000 after purchasing an additional 53,412 shares during the period. Soros Fund Management LLC bought a new stake in shares of SITE Centers in the 3rd quarter valued at about $3,025,000. Landscape Capital Management L.L.C. bought a new stake in shares of SITE Centers in the 3rd quarter valued at about $319,000. Finally, GSA Capital Partners LLP bought a new stake in shares of SITE Centers in the 3rd quarter valued at about $617,000. 88.70% of the stock is owned by institutional investors.

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.