SITE Centers Corp. (NYSE:SITC) Receives Consensus Rating of “Hold” from Brokerages

Shares of SITE Centers Corp. (NYSE:SITC) have earned an average recommendation of “Hold” from the nine analysts that are covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $35.75.

Several research analysts have recently issued reports on SITC shares. StockNews.com started coverage on SITE Centers in a research note on Wednesday, December 4th. They issued a “hold” rating for the company. Compass Point lowered their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Wells Fargo & Company reduced their price target on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday. Citigroup lowered their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Piper Sandler cut their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th.

SITE Centers Trading Up 2.9 %

Shares of NYSE SITC opened at $15.23 on Friday. SITE Centers has a 12-month low of $14.55 and a 12-month high of $32.22. The company has a market cap of $798.51 million, a price-to-earnings ratio of 1.11 and a beta of 1.61. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock’s 50 day simple moving average is $15.33 and its 200 day simple moving average is $65.28.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. The firm had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. SITE Centers’s quarterly revenue was down 37.5% compared to the same quarter last year. During the same period last year, the firm posted $1.32 EPS. Equities research analysts expect that SITE Centers will post 3.24 EPS for the current year.

Insiders Place Their Bets

In other news, CEO David R. Lukes sold 168,895 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the transaction, the chief executive officer now directly owns 136,008 shares in the company, valued at $2,093,163.12. The trade was a 55.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. Insiders sold a total of 181,457 shares of company stock worth $2,791,693 over the last ninety days. 10.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently made changes to their positions in SITC. Rhumbline Advisers increased its holdings in SITE Centers by 2.2% in the fourth quarter. Rhumbline Advisers now owns 153,334 shares of the company’s stock worth $2,344,000 after buying an additional 3,366 shares during the last quarter. Asset Management One Co. Ltd. grew its position in SITE Centers by 7.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 69,924 shares of the company’s stock worth $1,050,000 after acquiring an additional 4,669 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of SITE Centers by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after purchasing an additional 833 shares during the last quarter. Advisors Preferred LLC bought a new position in shares of SITE Centers during the 4th quarter valued at $2,517,000. Finally, Graham Capital Wealth Management LLC acquired a new stake in shares of SITE Centers in the 4th quarter valued at $2,226,000. 88.70% of the stock is owned by hedge funds and other 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.