SITE Centers (NYSE:SITC) Downgraded by StockNews.com

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

Several other equities analysts have also recently weighed in on SITC. Morgan Stanley lifted their price objective 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 shares of SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Truist Financial raised their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Piper Sandler upped their target price on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus lifted their price target on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Nine investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, SITE Centers presently has a consensus rating of “Hold” and an average target price of $97.18.

SITE Centers Stock Down 1.7 %

Shares of NYSE SITC opened at $16.88 on Friday. SITE Centers has a 52-week low of $16.27 and a 52-week high of $193.32. The company has a debt-to-equity ratio of 0.70, a quick ratio of 7.36 and a current ratio of 7.36. The stock has a market cap of $3.54 billion, a P/E ratio of 16.55 and a beta of 1.64. The firm has a 50 day moving average price of $43.39 and a 200 day moving average price of $165.71.

SITE Centers (NYSE:SITC) last released its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, beating analysts’ consensus estimates of $3.84 by $13.92. The business had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The firm’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.64 EPS. Analysts expect that SITE Centers will post 3.39 EPS for the current year.

Institutional Trading of SITE Centers

Institutional investors and hedge funds have recently bought and sold shares of the stock. Long Pond Capital LP increased 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 purchasing an additional 4,644,142 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in SITE Centers by 1.2% during the second 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 last quarter. Principal Financial Group Inc. raised its position in SITE Centers by 13.5% during the first quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company’s stock worth $15,629,000 after acquiring an additional 127,278 shares in the last quarter. APG Asset Management US Inc. lifted its stake in 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 during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in SITE Centers by 6.8% in the second quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock valued at $12,794,000 after acquiring an additional 56,013 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

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.