Wells Fargo & Company Issues Pessimistic Forecast for SITE Centers (NYSE:SITC) Stock Price

SITE Centers (NYSE:SITC) had its price objective cut by equities research analysts at Wells Fargo & Company from $17.00 to $14.50 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 13.50% from the stock’s current price.

Several other research analysts have also recently commented on the stock. Citigroup decreased their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Piper Sandler cut their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, StockNews.com lowered SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and an average target price of $35.25.

SITE Centers Trading Down 0.7 %

NYSE SITC opened at $12.78 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. SITE Centers has a one year low of $12.58 and a one year high of $64.44. The company has a 50-day simple moving average of $14.18 and a 200-day simple moving average of $20.13. The firm has a market capitalization of $669.79 million, a PE ratio of 0.93 and a beta of 1.63.

SITE Centers (NYSE:SITC) last posted its earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The company had revenue of $32.87 million for the quarter, compared to the consensus estimate of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. On average, equities analysts forecast that SITE Centers will post 3.24 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

Institutional investors and hedge funds have recently modified their holdings of the stock. Two Sigma Advisers LP raised its holdings in SITE Centers by 543.6% during the 4th quarter. Two Sigma Advisers LP now owns 73,053 shares of the company’s stock worth $1,117,000 after buying an additional 61,703 shares during the period. Two Sigma Investments LP acquired a new position in SITE Centers in the 4th quarter worth approximately $4,340,000. Tidal Investments LLC acquired a new stake in SITE Centers during the 4th quarter valued at $504,000. Rush Island Management LP lifted its holdings in shares of SITE Centers by 161.0% in the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after purchasing an additional 976,110 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of SITE Centers by 44.5% in the fourth quarter. ProShare Advisors LLC now owns 14,307 shares of the company’s stock worth $219,000 after buying an additional 4,405 shares during the period. 88.70% of the stock is 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.