SITE Centers (NYSE:SITC) PT Raised to $65.25

SITE Centers (NYSE:SITC) had its target price upped by analysts at Stifel Nicolaus from $65.00 to $65.25 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 10.78% from the company’s previous close.

SITC has been the subject of several other reports. Wells Fargo & Company boosted their target price on SITE Centers from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Truist Financial boosted their price objective on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Finally, Piper Sandler increased their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $131.05.

SITE Centers Stock Down 1.0 %

Shares of NYSE SITC opened at $58.90 on Thursday. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of 57.75 and a beta of 1.64. SITE Centers has a 52-week low of $43.52 and a 52-week high of $64.44. The business’s 50 day moving average is $152.91 and its two-hundred day moving average is $201.14.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The company had revenue of $113.48 million for the quarter, compared to analyst estimates of $113.23 million. During the same period in the prior year, the firm earned $4.64 earnings per share. The business’s revenue for the quarter was down 16.5% compared to the same quarter last year. Research analysts predict that SITE Centers will post 3.67 EPS for the current year.

Insider Activity

In related news, Director Alexander Otto sold 14,252 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $225.76, for a total value of $3,217,531.52. Following the completion of the sale, the director now directly owns 1,079,267 shares of the company’s stock, valued at $243,655,317.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 60,641 shares of company stock worth $13,940,447. Corporate insiders own 10.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC increased its holdings in shares of SITE Centers by 14.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 14,998 shares of the company’s stock valued at $204,000 after acquiring an additional 1,942 shares during the period. Norges Bank purchased a new position in SITE Centers during the 4th quarter worth $34,740,000. Dynamic Technology Lab Private Ltd acquired a new position in SITE Centers in the fourth quarter valued at $792,000. Assetmark Inc. raised its holdings in shares of SITE Centers by 3.5% in the fourth quarter. Assetmark Inc. now owns 86,650 shares of the company’s stock valued at $1,181,000 after buying an additional 2,958 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of SITE Centers by 18.7% during the fourth quarter. Franklin Resources Inc. now owns 478,712 shares of the company’s stock worth $6,525,000 after buying an additional 75,402 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.