Wells Fargo & Company Lowers SITE Centers (NYSE:SITC) Price Target to $14.50

SITE Centers (NYSE:SITC) had its target price dropped by stock analysts at Wells Fargo & Company from $17.00 to $14.50 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 13.50% from the company’s current price.

SITC has been the subject of a number of other reports. Citigroup decreased their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Piper Sandler lowered their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, StockNews.com lowered SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.25.

SITE Centers Price Performance

Shares of NYSE:SITC opened at $12.78 on Wednesday. The business has a fifty day simple moving average of $14.18 and a 200 day simple moving average of $20.13. 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 has a 1 year low of $12.58 and a 1 year high of $64.44. The firm has a market cap of $669.79 million, a price-to-earnings ratio of 0.93 and a beta of 1.63.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The firm had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. As a group, sell-side analysts predict that SITE Centers will post 3.24 earnings per share for the current fiscal year.

Institutional Trading of SITE Centers

Hedge funds and other institutional investors have recently bought and sold shares of the stock. KBC Group NV grew its position in SITE Centers by 170.4% during the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after buying an additional 2,193 shares in the last quarter. Covestor Ltd increased its position in shares of SITE Centers by 483.2% during the fourth quarter. Covestor Ltd now owns 3,756 shares of the company’s stock valued at $57,000 after purchasing an additional 3,112 shares during the period. Vestcor Inc acquired a new position in shares of SITE Centers in the third quarter valued at $95,000. Van ECK Associates Corp lifted its position in SITE Centers by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after purchasing an additional 833 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in SITE Centers during the fourth quarter worth $148,000. 88.70% of the stock is currently 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.