StockNews.com Begins Coverage on SITE Centers (NYSE:SITC)

StockNews.com began coverage on shares of SITE Centers (NYSE:SITC) in a research note issued to investors on Tuesday. The firm issued a buy rating on the stock.

SITC has been the subject of several other reports. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Compass Point reduced their price objective 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. Morgan Stanley boosted their target price on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Stifel Nicolaus raised their price target on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, SITE Centers has an average rating of “Hold” and an average price target of $58.89.

SITE Centers Price Performance

SITC opened at $15.63 on Tuesday. 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 company has a market cap of $819.48 million, a price-to-earnings ratio of 1.14 and a beta of 1.62. The stock has a fifty day simple moving average of $23.40 and a two-hundred day simple moving average of $133.31. SITE Centers has a 12-month low of $15.43 and a 12-month high of $64.44.

SITE Centers (NYSE:SITC) last released its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $104.55 million. During the same period in the prior year, the firm earned $1.32 EPS. The company’s revenue was down 37.5% compared to the same quarter last year. Research analysts predict that SITE Centers will post 2.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new stake in shares of SITE Centers during the 2nd quarter valued at about $42,000. Quarry LP boosted its holdings in SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after buying an additional 2,857 shares during the period. Vestcor Inc purchased a new stake in shares of SITE Centers during the third quarter worth about $95,000. O Shaughnessy Asset Management LLC purchased a new position in shares of SITE Centers in the first quarter worth $147,000. Finally, Diversified Trust Co purchased a new stake in SITE Centers in the 2nd quarter worth $152,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.