SITE Centers (NYSE:SITC) Earns Buy Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of SITE Centers (NYSE:SITC) in a report released on Tuesday morning. The brokerage issued a buy rating on the stock.

Several other brokerages have also recently weighed in on SITC. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Morgan Stanley boosted their price target on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Truist Financial boosted their price objective on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Compass Point lowered their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Finally, Evercore ISI upgraded SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $58.89.

SITE Centers Stock Performance

NYSE:SITC opened at $15.63 on Tuesday. SITE Centers has a 1-year low of $15.43 and a 1-year high of $64.44. 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 50 day simple moving average of $23.40 and a 200 day simple moving average of $133.31. The stock has a market cap of $819.48 million, a P/E ratio of 1.14 and a beta of 1.62.

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

Hedge Funds Weigh In On SITE Centers

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can raised its stake in shares of SITE Centers by 3,017.5% during the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after purchasing an additional 739,174 shares during the period. APG Asset Management US Inc. grew its position in SITE Centers by 145.0% during the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after acquiring an additional 535,550 shares during the last quarter. Panagora Asset Management Inc. bought a new position in shares of SITE Centers in the second quarter worth approximately $3,089,000. Algert Global LLC increased its position in shares of SITE Centers by 65.0% in the second quarter. Algert Global LLC now owns 411,910 shares of the company’s stock valued at $5,973,000 after acquiring an additional 162,260 shares during the period. Finally, TCW Group Inc. increased its holdings in SITE Centers by 91.6% during the 2nd quarter. TCW Group Inc. now owns 214,796 shares of the company’s stock valued at $3,115,000 after purchasing an additional 102,673 shares during the period. Institutional investors own 88.70% of the company’s stock.

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.