StockNews.com Lowers SITE Centers (NYSE:SITC) to Hold

SITE Centers (NYSE:SITC) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Several other brokerages have also recently weighed in on SITC. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Morgan Stanley upped their target price on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Stifel Nicolaus upped their target price on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Evercore ISI upgraded SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Finally, Piper Sandler upped their target price on SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $97.18.

SITE Centers Trading Down 1.7 %

SITE Centers stock traded down $0.30 during mid-day trading on Friday, hitting $16.88. The company’s stock had a trading volume of 589,688 shares, compared to its average volume of 623,361. The company has a 50 day moving average of $47.97 and a 200-day moving average of $167.96. The stock has a market cap of $3.54 billion, a PE ratio of 16.54 and a beta of 1.64. 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 has a one year low of $16.27 and a one year high of $64.44.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, beating the consensus estimate of $3.84 by $13.92. The company 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%. SITE Centers’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.64 EPS. On average, research analysts anticipate that SITE Centers will post 3.39 EPS for the current year.

Institutional Investors Weigh In On SITE Centers

Hedge funds have recently made changes to their positions in the stock. Chilton Capital Management LLC lifted 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 purchasing an additional 1,536 shares during the last quarter. Principal Financial Group Inc. raised its stake in SITE Centers by 13.5% in the first quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company’s stock valued at $15,629,000 after buying an additional 127,278 shares during the last quarter. TCW Group Inc. raised its stake in SITE Centers by 91.6% in the second quarter. TCW Group Inc. now owns 214,796 shares of the company’s stock valued at $3,115,000 after buying an additional 102,673 shares during the last quarter. Diversified Trust Co purchased a new stake in SITE Centers in the second quarter valued at about $152,000. Finally, Vanderbilt University raised its stake in SITE Centers by 10.0% in 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. 88.70% of the stock is currently 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.