SITE Centers Corp. (NYSE:SITC) Receives $36.04 Consensus Price Target from Brokerages

Shares of SITE Centers Corp. (NYSE:SITC) have been assigned a consensus recommendation of “Hold” from the ten brokerages that are presently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $36.04.

A number of analysts have recently issued reports on SITC shares. Compass Point cut their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Citigroup dropped their price target 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. Stifel Nicolaus upped their price objective on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Piper Sandler lowered their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th.

SITE Centers Stock Up 2.1 %

NYSE SITC opened at $15.29 on Monday. SITE Centers has a one year low of $14.74 and a one year 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 business has a fifty day moving average price of $15.80 and a 200 day moving average price of $96.48. The company has a market cap of $801.65 million, a P/E ratio of 1.12 and a beta of 1.61.

SITE Centers (NYSE:SITC) last posted its quarterly 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. The business had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business’s revenue was down 37.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.32 earnings per share. Research analysts anticipate that SITE Centers will post 3.36 EPS for the current fiscal year.

Insider Activity at SITE Centers

In related news, Director Dawn M. Sweeney sold 3,768 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the sale, the director now owns 29,082 shares in the company, valued at $451,934.28. The trade was a 11.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John M. Cattonar sold 8,794 shares of the 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. Over the last three months, insiders sold 181,457 shares of company stock worth $2,791,693. Company insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Institutional investors have recently modified their holdings of the business. Arizona State Retirement System boosted its stake in shares of SITE Centers by 1.9% in the second quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock valued at $765,000 after buying an additional 976 shares in the last quarter. Vestcor Inc purchased a new position in SITE Centers during the 3rd quarter valued at about $95,000. Van ECK Associates Corp raised 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 worth $421,000 after acquiring an additional 1,723 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in SITE Centers by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company’s stock worth $1,510,000 after acquiring an additional 1,751 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.