SITE Centers (NYSE:SITC) Upgraded by StockNews.com to Buy Rating

SITE Centers (NYSE:SITC) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company decreased their price target on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Citigroup decreased their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, Piper Sandler lowered their price target on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.75.

SITE Centers Price Performance

NYSE:SITC traded down $0.07 during trading hours on Tuesday, reaching $14.57. The stock had a trading volume of 749,384 shares, compared to its average volume of 758,152. 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 stock has a market capitalization of $764.06 million, a PE ratio of 1.07 and a beta of 1.60. SITE Centers has a 52 week low of $14.47 and a 52 week high of $32.22. The company has a 50 day moving average price of $15.06 and a two-hundred day moving average price of $33.33.

Insider Buying and Selling

In related news, EVP John M. Cattonar sold 8,794 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the completion of the transaction, the director now directly owns 29,082 shares in the company, valued at $451,934.28. This trade represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 181,457 shares of company stock valued at $2,791,693. Company insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On SITE Centers

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vestcor Inc purchased a new position in shares of SITE Centers during the third quarter worth approximately $95,000. Neo Ivy Capital Management bought a new position in SITE Centers in the third quarter worth approximately $202,000. Systematic Financial Management LP purchased a new position in SITE Centers during the 3rd quarter worth $203,000. KBC Group NV raised its position in SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after purchasing an additional 2,193 shares in the last quarter. Finally, Covestor Ltd raised its position in SITE Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock valued at $57,000 after purchasing an additional 3,112 shares in the last quarter. Institutional investors 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.