SITE Centers Corp. (NYSE:SITC) Receives $58.89 Average Price Target from Brokerages

Shares of SITE Centers Corp. (NYSE:SITC) have earned an average recommendation of “Hold” from the ten analysts that are currently covering the stock, Marketbeat reports. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $58.89.

SITC has been the topic of a number of analyst reports. Truist Financial boosted their price target on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Compass Point dropped their target price on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Wells Fargo & Company cut SITE Centers from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Piper Sandler lowered their price target on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th.

Institutional Investors Weigh In On SITE Centers

Several institutional investors and hedge funds have recently added to or reduced their stakes in SITC. Arizona State Retirement System grew its stake in shares of SITE Centers by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock valued at $765,000 after purchasing an additional 976 shares during the period. Vanderbilt University increased its holdings in SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock valued at $179,000 after buying an additional 1,126 shares during the last quarter. Louisiana State Employees Retirement System raised its position in SITE Centers by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock worth $1,315,000 after acquiring an additional 1,500 shares during the period. Chilton Capital Management LLC boosted its stake in shares of SITE Centers by 384.0% during the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after acquiring an additional 1,536 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of SITE Centers by 6.3% during the 2nd quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock worth $421,000 after acquiring an additional 1,723 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Price Performance

SITC opened at $15.75 on Friday. 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 company has a market cap of $825.77 million, a price-to-earnings ratio of 1.15 and a beta of 1.62. The stock has a fifty day simple moving average of $31.90 and a two-hundred day simple moving average of $147.69. SITE Centers has a 12-month low of $15.61 and a 12-month high of $64.44.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results 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 net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. During the same period last year, the business earned $1.32 EPS. SITE Centers’s quarterly revenue was down 37.5% compared to the same quarter last year. Research analysts predict that SITE Centers will post 2.9 earnings per share for the current fiscal year.

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.