SITE Centers (NYSE:SITC) Now Covered by StockNews.com

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

Several other equities analysts have also recently weighed in on SITC. Compass Point reduced their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Piper Sandler cut their price target on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Morgan Stanley boosted their price target on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Finally, Truist Financial boosted their target price on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $58.89.

SITE Centers Trading Up 0.5 %

NYSE:SITC opened at $15.70 on Monday. SITE Centers has a 52 week low of $15.43 and a 52 week high of $64.44. The firm has a 50-day moving average price of $29.41 and a two-hundred day moving average price of $142.90. The firm has a market cap of $823.15 million, a price-to-earnings ratio of 1.15 and a beta of 1.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers (NYSE:SITC) last released its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. During the same period in the previous year, the company earned $1.32 earnings per share. The company’s quarterly revenue was down 37.5% on a year-over-year basis. On average, equities analysts expect that SITE Centers will post 2.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

A number of large investors have recently modified their holdings of the company. Arizona State Retirement System grew its position in SITE Centers by 1.9% during the second quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock valued at $765,000 after acquiring an additional 976 shares during the last quarter. Vanderbilt University grew its holdings in shares of SITE Centers by 10.0% during the 2nd quarter. Vanderbilt University now owns 12,378 shares of the company’s stock valued at $179,000 after purchasing an additional 1,126 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings 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 valued at $1,315,000 after purchasing an additional 1,500 shares during the last quarter. Vestcor Inc purchased a new position in SITE Centers in the 3rd quarter worth $95,000. Finally, Van ECK Associates Corp lifted its stake in SITE Centers by 6.3% in the second quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock worth $421,000 after purchasing an additional 1,723 shares during the last quarter. 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.