StockNews.com Upgrades SITE Centers (NYSE:SITC) to Buy

SITE Centers (NYSE:SITC - Get Free Report) was upgraded by StockNews.com from a "hold" rating to a "buy" rating in a research report issued on Saturday.

Several other research analysts have also recently weighed in on SITC. Compass Point lowered their price target on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 15th. Evercore ISI raised shares of SITE Centers to a "hold" rating in a research note on Wednesday, July 31st. Truist Financial raised their price target on shares of SITE Centers from $56.00 to $58.00 and gave the stock a "hold" rating in a report on Wednesday, August 28th. Piper Sandler upped their price objective on SITE Centers from $256.00 to $288.00 and gave the company an "overweight" rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company cut SITE Centers from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $97.18.

SITE Centers Price Performance

NYSE SITC traded up $0.11 during trading hours on Friday, hitting $16.06. 1,097,667 shares of the company's stock traded hands, compared to its average volume of 658,959. The company has a market capitalization of $842.03 million, a PE ratio of 1.17 and a beta of 1.62. The company has a debt-to-equity ratio of 0.12, a current ratio of 7.36 and a quick ratio of 7.36. SITE Centers has a 52-week low of $15.89 and a 52-week high of $64.44. The firm's 50-day moving average is $38.94 and its 200-day moving average is $159.00.

SITE Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping analysts' consensus estimates of $3.84 by $13.92. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. During the same quarter last year, the business posted $4.64 earnings per share. The firm's revenue was down 16.5% compared to the same quarter last year. Equities analysts forecast that SITE Centers will post 3.36 EPS for the current fiscal year.

Institutional Trading of SITE Centers

Several hedge funds have recently made changes to their positions in the business. Arizona State Retirement System boosted its position in SITE Centers by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company's stock valued at $765,000 after buying an additional 976 shares during the period. Vanderbilt University increased its holdings in SITE Centers by 10.0% during the 2nd quarter. Vanderbilt University now owns 12,378 shares of the company's stock worth $179,000 after purchasing an additional 1,126 shares during the period. Louisiana State Employees Retirement System raised its position in SITE Centers by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company's stock valued at $1,315,000 after purchasing an additional 1,500 shares in the last quarter. Chilton Capital Management LLC boosted its stake in shares of SITE Centers by 384.0% in the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company's stock valued at $28,000 after buying an additional 1,536 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of SITE Centers by 6.3% during the second quarter. Van ECK Associates Corp now owns 29,065 shares of the company's stock worth $421,000 after buying an additional 1,723 shares in the last quarter. Institutional investors and hedge funds 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.