SITE Centers (NYSE:SITC) Sees Large Volume Increase – Time to Buy?

SITE Centers Corp. (NYSE:SITC) shares saw an uptick in trading volume on Monday . 369,680 shares traded hands during mid-day trading, a decline of 41% from the previous session’s volume of 622,425 shares.The stock last traded at $16.83 and had previously closed at $16.88.

Wall Street Analyst Weigh In

SITC has been the subject of a number of recent analyst reports. Evercore ISI upgraded SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Wells Fargo & Company downgraded shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Stifel Nicolaus upped their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research report on Thursday, September 19th. Morgan Stanley raised their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, Truist Financial increased their target price on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $97.18.

SITE Centers Trading Up 1.7 %

The firm has a market capitalization of $896.15 million, a PE ratio of 2.02 and a beta of 1.64. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. The company has a fifty day moving average of $41.62 and a 200-day moving average of $162.83.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. The company had revenue of $113.48 million during 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 quarterly revenue was down 16.5% on a year-over-year basis. During the same period last year, the business earned $4.64 EPS. On average, sell-side analysts anticipate that SITE Centers Corp. will post 3.39 earnings per share for the current fiscal year.

Institutional Trading of SITE Centers

A number of institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its holdings in shares of SITE Centers by 21.4% during the 1st quarter. BNP Paribas Financial Markets now owns 96,225 shares of the company’s stock valued at $1,410,000 after purchasing an additional 16,969 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in SITE Centers by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 157,546 shares of the company’s stock valued at $2,308,000 after buying an additional 2,109 shares in the last quarter. Chilton Capital Management LLC lifted its position in shares of SITE Centers by 384.0% in the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after buying an additional 1,536 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of SITE Centers by 20.6% during the 1st quarter. QRG Capital Management Inc. now owns 19,386 shares of the company’s stock worth $284,000 after acquiring an additional 3,315 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of SITE Centers by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 38,210 shares of the company’s stock valued at $560,000 after acquiring an additional 2,647 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.