SITE Centers (NYSE:SITC) Coverage Initiated by Analysts at StockNews.com

Research analysts at StockNews.com initiated coverage on shares of SITE Centers (NYSE:SITC) in a report issued on Tuesday. The firm set a “buy” rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Morgan Stanley raised their target price on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Piper Sandler lowered their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Stifel Nicolaus raised their target price on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, Evercore ISI raised shares of SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, SITE Centers presently has a consensus rating of “Hold” and an average price target of $58.89.

SITE Centers Trading Down 1.3 %

Shares of NYSE:SITC opened at $15.63 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. SITE Centers has a 1 year low of $15.43 and a 1 year high of $64.44. The company has a market cap of $819.48 million, a P/E ratio of 1.14 and a beta of 1.62. The stock’s fifty day moving average price is $23.40 and its 200-day moving average price is $133.31.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. During the same quarter in the prior year, the business earned $1.32 EPS. The business’s revenue for the quarter was down 37.5% compared to the same quarter last year. Sell-side analysts expect that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in SITE Centers by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock worth $39,426,000 after buying an additional 31,529 shares during the period. APG Asset Management US Inc. lifted its position in shares of SITE Centers by 145.0% in the second quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock valued at $12,996,000 after acquiring an additional 535,550 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of SITE Centers by 6.8% in the second quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock worth $12,794,000 after acquiring an additional 56,013 shares during the period. Bank of Montreal Can grew its position in shares of SITE Centers by 3,017.5% during the second quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock worth $11,081,000 after purchasing an additional 739,174 shares in the last quarter. Finally, Peregrine Capital Management LLC raised its stake in SITE Centers by 13.3% during the 2nd quarter. Peregrine Capital Management LLC now owns 488,993 shares of the company’s stock valued at $7,090,000 after purchasing an additional 57,281 shares during the period. 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.