Brokerages Set SITE Centers Corp. (NYSE:SITC) Price Target at $36.04

Shares of SITE Centers Corp. (NYSE:SITC) have been given a consensus recommendation of “Hold” by the nine research firms that are presently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $36.04.

A number of research firms have recently weighed in on SITC. Citigroup cut their price target on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Compass Point cut their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Finally, StockNews.com began coverage on SITE Centers in a research note on Wednesday, December 4th. They issued a “hold” rating on the stock.

SITE Centers Stock Performance

NYSE:SITC opened at $15.32 on Friday. SITE Centers has a 1 year low of $14.55 and a 1 year high of $32.22. The firm has a 50 day moving average of $15.38 and a 200-day moving average of $65.99. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $803.18 million, a P/E ratio of 1.12 and a beta of 1.61.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm had revenue of $89.43 million for the quarter, compared to the consensus estimate 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. As a group, sell-side analysts anticipate that SITE Centers will post 3.24 EPS for the current fiscal year.

Insider Buying and Selling

In other SITE Centers news, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the transaction, the director now owns 29,082 shares in the company, valued at approximately $451,934.28. This represents a 11.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On SITE Centers

Several hedge funds have recently modified their holdings of SITC. Vestcor Inc acquired a new stake in SITE Centers in the 3rd quarter valued at about $95,000. Neo Ivy Capital Management acquired a new stake in shares of SITE Centers in the third quarter valued at approximately $202,000. Systematic Financial Management LP bought a new position in SITE Centers in the third quarter valued at approximately $203,000. Quarry LP increased its stake in SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after acquiring an additional 2,857 shares during the last quarter. Finally, KBC Group NV increased its stake in SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after acquiring an additional 2,193 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

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.