SITE Centers Corp. (NYSE:SITC) Given Average Rating of “Hold” by Brokerages

Shares of SITE Centers Corp. (NYSE:SITC) have been given an average rating of “Hold” by the ten brokerages that are presently covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $36.04.

Several equities research analysts recently issued reports on SITC shares. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Piper Sandler reduced their price target on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Morgan Stanley increased their target price on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Finally, Stifel Nicolaus boosted their price target on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research note on Thursday, September 19th.

Insider Transactions at SITE Centers

In other SITE Centers news, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the sale, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. The trade was a 55.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the completion of the transaction, the director now owns 29,082 shares in the company, valued at approximately $451,934.28. The trade was a 11.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 181,457 shares of company stock valued at $2,791,693. Insiders own 10.10% of the company’s stock.

Institutional Trading of SITE Centers

Several institutional investors have recently modified their holdings of SITC. Allspring Global Investments Holdings LLC acquired a new stake in shares of SITE Centers in the 2nd quarter valued at about $42,000. Quarry LP lifted its stake in SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after buying an additional 2,857 shares during the last quarter. Vestcor Inc acquired a new stake in shares of SITE Centers in the third quarter valued at approximately $95,000. Evergreen Capital Management LLC purchased a new position in shares of SITE Centers during the second quarter worth approximately $167,000. Finally, Neo Ivy Capital Management acquired a new position in shares of SITE Centers in the 3rd quarter valued at $202,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Price Performance

Shares of SITC opened at $15.14 on Monday. The firm has a 50-day simple moving average of $15.69 and a two-hundred day simple moving average of $93.84. The stock has a market cap of $793.79 million, a PE ratio of 1.11 and a beta of 1.61. SITE Centers has a 1-year low of $14.74 and a 1-year high of $64.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. During the same quarter last year, the firm earned $1.32 EPS. The firm’s revenue for the quarter was down 37.5% on a year-over-year basis. As a group, analysts forecast that SITE Centers will post 3.36 EPS 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.