Piper Sandler Cuts SITE Centers (NYSE:SITC) Price Target to $20.00

SITE Centers (NYSE:SITC) had its target price decreased by Piper Sandler from $23.00 to $20.00 in a report issued on Monday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other equities analysts also recently commented on the company. Evercore ISI upgraded SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Compass Point lowered their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Finally, Truist Financial boosted their price objective on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $58.89.

SITE Centers Price Performance

Shares of SITE Centers stock opened at $15.99 on Monday. SITE Centers has a one year low of $15.86 and a one year high of $64.44. The stock’s fifty day moving average is $37.13 and its 200 day moving average is $155.76. The stock has a market cap of $838.36 million, a P/E ratio of 1.17 and a beta of 1.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers (NYSE:SITC) last announced its earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. During the same period last year, the firm earned $1.32 EPS. SITE Centers’s revenue for the quarter was down 37.5% compared to the same quarter last year. Sell-side analysts anticipate that SITE Centers will post 3.36 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

Several large investors have recently added to or reduced their stakes in SITC. BNP Paribas Financial Markets increased its stake in SITE Centers by 21.4% during the first quarter. BNP Paribas Financial Markets now owns 96,225 shares of the company’s stock worth $1,410,000 after acquiring an additional 16,969 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in SITE Centers by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 157,546 shares of the company’s stock worth $2,308,000 after acquiring an additional 2,109 shares during the last quarter. Chilton Capital Management LLC increased its stake in SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after acquiring an additional 1,536 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of SITE Centers by 20.6% during the first quarter. QRG Capital Management Inc. now owns 19,386 shares of the company’s stock valued at $284,000 after buying an additional 3,315 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of SITE Centers by 7.4% during the first quarter. ProShare Advisors LLC now owns 38,210 shares of the company’s stock valued at $560,000 after buying an additional 2,647 shares during the last quarter. 88.70% of the stock is owned by 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.