SITE Centers Corp. (NYSE:SITC) Receives Average Rating of “Hold” from Analysts

Shares of SITE Centers Corp. (NYSE:SITC) have earned a consensus recommendation of “Hold” from the nine analysts that are covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $35.75.

SITC has been the topic of several research reports. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. StockNews.com started coverage on SITE Centers in a research note on Wednesday, December 4th. They set a “hold” rating on the stock. Piper Sandler reduced their price objective 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. Wells Fargo & Company lowered their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Compass Point reduced their target price on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th.

Insider Buying and Selling

In related news, CEO David R. Lukes sold 168,895 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the sale, the chief executive officer now owns 136,008 shares in the company, valued at approximately $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total transaction of $133,844.68. The disclosure for this sale can be found here. Insiders sold 181,457 shares of company stock worth $2,791,693 in the last quarter. Insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Hedge funds and other institutional investors have recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new stake in shares of SITE Centers in the third quarter worth about $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in SITE Centers by 19.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock worth $19,612,000 after purchasing an additional 53,412 shares in the last quarter. CWA Asset Management Group LLC acquired a new stake in SITE Centers during the 4th quarter worth approximately $606,000. Soros Fund Management LLC bought a new position in SITE Centers in the third quarter valued at approximately $3,025,000. Finally, Pacer Advisors Inc. acquired a new position in shares of SITE Centers in the fourth quarter valued at approximately $34,297,000. 88.70% of the stock is owned by institutional investors.

SITE Centers Trading Up 2.9 %

Shares of NYSE:SITC opened at $15.23 on Friday. SITE Centers has a 52-week low of $14.55 and a 52-week high of $32.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The company has a market cap of $798.51 million, a P/E ratio of 1.11 and a beta of 1.61. The stock’s 50-day moving average is $15.33 and its 200-day moving average is $65.28.

SITE Centers (NYSE:SITC) last issued its quarterly 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. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same period in the previous year, the business posted $1.32 EPS. The company’s revenue for the quarter was down 37.5% on a year-over-year basis. Equities research analysts predict that SITE Centers will post 3.24 earnings per share for the current 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.