StockNews.com Initiates Coverage on SITE Centers (NYSE:SITC)

Stock analysts at StockNews.com initiated coverage on shares of SITE Centers (NYSE:SITC) in a note issued to investors on Tuesday. The firm set a “buy” rating on the stock.

SITC has been the subject of a number of other research reports. Stifel Nicolaus raised their price target on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Wells Fargo & Company cut 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. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Truist Financial increased their price target on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler cut their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, SITE Centers has an average rating of “Hold” and an average target price of $58.89.

SITE Centers Price Performance

SITC stock opened at $15.63 on Tuesday. 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 firm’s 50-day moving average price is $23.40 and its two-hundred day moving average price is $133.31. The stock has a market capitalization of $819.48 million, a price-to-earnings ratio of 1.14 and a beta of 1.62. SITE Centers has a 12-month low of $15.43 and a 12-month high of $64.44.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same quarter in the previous year, the business earned $1.32 EPS. SITE Centers’s revenue was down 37.5% compared to the same quarter last year. As a group, equities analysts predict that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Trading of SITE Centers

Hedge funds have recently made changes to their positions in the stock. World Investment Advisors LLC purchased a new position in SITE Centers during the third quarter valued at $622,000. Virtu Financial LLC bought a new position in shares of SITE Centers during the third quarter valued at $2,399,000. Neo Ivy Capital Management purchased a new position in shares of SITE Centers in the 3rd quarter worth about $202,000. Vestcor Inc bought a new position in SITE Centers in the 3rd quarter worth about $95,000. Finally, Jane Street Group LLC grew its position in SITE Centers by 3.3% during the 3rd quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock valued at $11,085,000 after purchasing an additional 5,779 shares during the last quarter. 88.70% of the stock is owned by 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.