Piper Sandler Lowers SITE Centers (NYSE:SITC) Price Target to $20.00

SITE Centers (NYSE:SITC - Get Free Report) had its target price decreased by equities research analysts at Piper Sandler from $23.00 to $20.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price would indicate a potential upside of 23.76% from the company's current price.

Several other brokerages have also recently issued reports on SITC. Compass Point cut their target price on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating on the stock in a report on Tuesday, October 15th. Morgan Stanley increased their target price on SITE Centers from $56.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Monday, September 30th. Wells Fargo & Company cut shares of SITE Centers from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. KeyCorp restated a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. Finally, Stifel Nicolaus upped their price objective on SITE Centers from $65.00 to $65.25 and gave the company a "buy" rating in a research report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $58.89.

SITE Centers Price Performance

NYSE:SITC traded up $0.10 during trading hours on Monday, hitting $16.16. 858,705 shares of the company's stock traded hands, compared to its average volume of 659,897. The firm has a market cap of $847.27 million, a P/E ratio of 1.18 and a beta of 1.62. The company has a quick ratio of 7.36, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The business's fifty day simple moving average is $38.03 and its two-hundred day simple moving average is $157.19. SITE Centers has a 52 week low of $15.89 and a 52 week high of $64.44.

SITE Centers (NYSE:SITC - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $89.43 million for the quarter, compared to analysts' expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business's quarterly revenue was down 37.5% on a year-over-year basis. During the same quarter last year, the company posted $1.32 EPS. On average, research analysts anticipate that SITE Centers will post 3.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new position in SITE Centers in the third quarter worth about $355,000. Blue Trust Inc. boosted its stake in shares of SITE Centers by 508.3% during the third quarter. Blue Trust Inc. now owns 6,381 shares of the company's stock valued at $386,000 after purchasing an additional 5,332 shares during the period. AlphaMark Advisors LLC purchased a new position in SITE Centers in the 3rd quarter worth about $319,000. SG Americas Securities LLC lifted its holdings in SITE Centers by 115.1% during the 3rd quarter. SG Americas Securities LLC now owns 16,318 shares of the company's stock valued at $987,000 after buying an additional 8,731 shares in the last quarter. Finally, Quarry LP boosted its position in SITE Centers by 503.9% in the 2nd 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 period. 88.70% of the stock is owned by institutional investors.

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.