SITE Centers (NYSE:SITC) PT Raised to $65.25

SITE Centers (NYSE:SITC) had its price objective increased by Stifel Nicolaus from $65.00 to $65.25 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also commented on SITC. Piper Sandler boosted 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. Evercore ISI raised shares of SITE Centers to a hold rating in a research note on Wednesday, July 31st. Truist Financial increased their target price on SITE Centers from $56.00 to $58.00 and gave the company a hold rating in a research report on Wednesday, August 28th. Finally, Wells Fargo & Company boosted their price target on SITE Centers from $64.00 to $68.00 and gave the stock an overweight rating in a research report on Wednesday, August 28th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, SITE Centers has a consensus rating of Hold and a consensus target price of $131.05.

SITE Centers Stock Down 1.0 %

Shares of NYSE SITC opened at $58.90 on Thursday. SITE Centers has a 52-week low of $43.52 and a 52-week high of $64.44. The firm has a market capitalization of $12.34 billion, a price-to-earnings ratio of 57.75 and a beta of 1.64. The stock has a 50 day moving average price of $152.91 and a 200 day moving average price of $200.99. The company has a debt-to-equity ratio of 0.70, a quick ratio of 7.36 and a current ratio of 7.36.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. The business had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The business’s revenue was down 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.64 EPS. Sell-side analysts expect that SITE Centers will post 3.67 earnings per share for the current year.

Insider Transactions at SITE Centers

In other news, Director Alexander Otto sold 14,252 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $225.76, for a total value of $3,217,531.52. Following the completion of the sale, the director now owns 1,079,267 shares of the company’s stock, valued at approximately $243,655,317.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Hedge funds and other institutional investors have recently modified their holdings of the stock. Long Pond Capital LP increased its stake in SITE Centers by 403.8% during the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. Norges Bank acquired a new position in shares of SITE Centers in the 4th quarter valued at $34,740,000. Bank of Montreal Can increased its position 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 acquiring an additional 739,174 shares during the period. Vanguard Group Inc. raised its stake in SITE Centers by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock worth $413,531,000 after acquiring an additional 608,996 shares during the last quarter. Finally, APG Asset Management US Inc. lifted its position in SITE Centers by 145.0% during the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after acquiring an additional 535,550 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.