SITE Centers (NYSE:SITC) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of SITE Centers (NYSE:SITC) from a buy rating to a hold rating in a research report report published on Friday morning.

Several other research analysts also recently commented on the company. Morgan Stanley lifted their price target on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Truist Financial boosted their target price on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Piper Sandler increased their price target on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Finally, Compass Point cut their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $97.18.

SITE Centers Trading Down 1.7 %

Shares of SITC stock opened at $16.88 on Friday. The business’s 50 day moving average is $43.39 and its two-hundred day moving average is $166.51. 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 has a 12 month low of $16.27 and a 12 month high of $64.44. The company has a market cap of $3.54 billion, a PE ratio of 16.54 and a beta of 1.64.

SITE Centers (NYSE:SITC) last released its earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share 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 analyst estimates of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The business’s revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.64 EPS. Equities analysts predict that SITE Centers will post 3.39 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

Institutional investors have recently added to or reduced their stakes in the stock. Long Pond Capital LP lifted its position in shares of SITE Centers by 403.8% during the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after buying an additional 4,644,142 shares during the period. Bank of Montreal Can boosted its stake in shares of SITE Centers by 3,017.5% in the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after purchasing an additional 739,174 shares in the last quarter. APG Asset Management US Inc. grew its holdings in shares of SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after purchasing an additional 535,550 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in shares of SITE Centers in the 2nd quarter worth about $3,089,000. Finally, Algert Global LLC increased its position in shares of SITE Centers by 65.0% during the 2nd quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after purchasing an additional 162,260 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

SITE Centers Company Profile

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.