SITE Centers (NYSE:SITC) Rating Increased to Hold at Evercore ISI

SITE Centers (NYSE:SITC) was upgraded by equities research analysts at Evercore ISI to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other brokerages have also recently commented on SITC. Piper Sandler boosted their price target on shares of SITE Centers from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday. Wells Fargo & Company upped their target price on shares of SITE Centers from $15.50 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, SITE Centers currently has a consensus rating of “Hold” and an average target price of $15.00.

SITE Centers Price Performance

SITC stock opened at $15.46 on Wednesday. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 15.16 and a beta of 1.64. The company has a debt-to-equity ratio of 0.70, a quick ratio of 3.54 and a current ratio of 3.54. The firm has a 50 day moving average price of $14.75 and a 200-day moving average price of $14.21. SITE Centers has a 52-week low of $10.88 and a 52-week high of $16.11.

Shares of SITE Centers are set to reverse split before the market opens on Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, August 19th.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.87. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The firm had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. Equities research analysts forecast that SITE Centers will post 0.94 EPS for the current fiscal year.

Insider Activity

In other news, Director Alexander Otto sold 242,573 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $14.71, for a total transaction of $3,568,248.83. Following the transaction, the director now directly owns 19,071,327 shares in the company, valued at $280,539,220.17. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 1,578,775 shares of company stock worth $22,785,354. Corporate insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On SITE Centers

Hedge funds and other institutional investors have recently bought and sold shares of the company. Versor Investments LP purchased a new position in shares of SITE Centers in the second quarter worth $338,000. Natixis Advisors LLC raised its holdings in shares of SITE Centers by 65.1% in the second quarter. Natixis Advisors LLC now owns 77,887 shares of the company’s stock worth $1,129,000 after buying an additional 30,699 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of SITE Centers by 6.3% in the second 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 period. Peregrine Capital Management LLC increased its stake in shares of SITE Centers by 13.3% in the second quarter. Peregrine Capital Management LLC now owns 488,993 shares of the company’s stock worth $7,090,000 after acquiring an additional 57,281 shares during the period. Finally, Panagora Asset Management Inc. acquired a new stake in shares of SITE Centers in the second quarter worth $3,089,000. Hedge funds and other 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.