SITE Centers (NYSE:SITC) Given New $16.00 Price Target at Citigroup

SITE Centers (NYSE:SITC - Get Free Report) had its price objective lowered by equities research analysts at Citigroup from $18.00 to $16.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's target price suggests a potential upside of 4.10% from the company's previous close.

A number of other equities research analysts have also recently commented on SITC. 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 note on Monday, September 30th. KeyCorp reissued a "sector weight" rating on shares of SITE Centers in a research report on Monday, October 7th. Wells Fargo & Company cut shares of SITE Centers from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Truist Financial increased their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a "hold" rating in a report on Wednesday, August 28th. Finally, Compass Point decreased their price objective on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating for the company in a report on Tuesday, October 15th. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $36.04.

SITE Centers Stock Down 0.4 %

Shares of NYSE:SITC traded down $0.06 during midday trading on Monday, reaching $15.37. The company's stock had a trading volume of 1,069,589 shares, compared to its average volume of 699,854. SITE Centers has a 12-month low of $15.26 and a 12-month high of $64.44. The firm has a market capitalization of $805.85 million, a P/E ratio of 1.13 and a beta of 1.61. The firm has a 50 day moving average of $16.36 and a 200-day moving average of $120.78. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $5.20. The business had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business's revenue for the quarter was down 37.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.32 earnings per share. On average, research analysts anticipate that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

A number of hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of SITE Centers in the second quarter worth $42,000. Quarry LP increased its position in shares of SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company's stock valued at $50,000 after purchasing an additional 2,857 shares during the last quarter. Vestcor Inc bought a new position in shares of SITE Centers in the 3rd quarter worth approximately $95,000. Diversified Trust Co purchased a new position in shares of SITE Centers in the second quarter worth approximately $152,000. Finally, Evergreen Capital Management LLC bought a new stake in SITE Centers during the second quarter valued at approximately $167,000. 88.70% of the stock is currently owned by hedge funds and other 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.