StockNews.com Initiates Coverage on SITE Centers (NYSE:SITC)

StockNews.com began coverage on shares of SITE Centers (NYSE:SITC) in a report released on Monday. The brokerage issued a buy rating on the stock.

SITC has been the subject of a number of other reports. Evercore ISI raised SITE Centers to a hold rating in a research report on Wednesday, July 31st. Truist Financial raised their target price on SITE Centers from $56.00 to $58.00 and gave the company a hold rating in a report on Wednesday, August 28th. Morgan Stanley raised their target price on SITE Centers from $56.00 to $57.00 and gave the company an equal weight rating in a report on Monday, September 30th. Wells Fargo & Company cut SITE Centers from an overweight rating to an equal weight rating and lowered their target price for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Finally, Stifel Nicolaus raised their target price on SITE Centers from $65.00 to $65.25 and gave the company a buy rating in a report on Thursday, September 19th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $110.54.

SITE Centers Stock Down 0.8 %

Shares of SITC opened at $17.21 on Monday. SITE Centers has a 52-week low of $16.50 and a 52-week high of $64.44. The company has a market capitalization of $3.61 billion, a PE ratio of 16.87 and a beta of 1.64. The stock has a fifty day simple moving average of $93.40 and a two-hundred day simple moving average of $182.63. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data 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. The firm had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The company’s quarterly revenue was down 16.5% on a year-over-year basis. During the same period last year, the company earned $4.64 EPS. As a group, equities analysts forecast that SITE Centers will post 3.63 EPS for the current year.

Hedge Funds Weigh In On SITE Centers

Several hedge funds and other institutional investors have recently made changes to their positions in SITC. Arizona State Retirement System raised its position in shares of SITE Centers by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock worth $765,000 after acquiring an additional 976 shares in the last quarter. Vanderbilt University raised its position in shares of SITE Centers by 10.0% during the 2nd quarter. Vanderbilt University now owns 12,378 shares of the company’s stock worth $179,000 after acquiring an additional 1,126 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of SITE Centers by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock worth $1,315,000 after acquiring an additional 1,500 shares in the last quarter. Chilton Capital Management LLC raised its position in shares of SITE Centers by 384.0% during the 1st 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 in the last quarter. Finally, Van ECK Associates Corp raised its position in shares of SITE Centers by 6.3% during the 2nd 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 in the last quarter. Hedge funds and other 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.