SITE Centers (NYSE:SITC) Downgraded by StockNews.com to "Hold"

SITE Centers (NYSE:SITC - Get Free Report) was downgraded by equities research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Wednesday.

SITC has been the subject of several other research reports. Citigroup dropped their price target on shares of SITE Centers from $18.00 to $16.00 and set a "neutral" rating for the company in a research note on Monday, December 9th. Piper Sandler dropped their price target on shares of SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Finally, Wells Fargo & Company dropped their price target on shares of SITE Centers from $17.50 to $17.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $35.61.

SITE Centers Trading Up 1.5 %

NYSE SITC traded up $0.20 on Wednesday, reaching $13.26. The stock had a trading volume of 1,082,792 shares, compared to its average volume of 827,998. The firm has a market capitalization of $694.96 million, a price-to-earnings ratio of 0.97 and a beta of 1.66. 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 has a 12-month low of $12.92 and a 12-month high of $32.22. The stock has a fifty day moving average price of $14.84 and a two-hundred day moving average price of $25.03.

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SITE Centers (NYSE:SITC - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.07). The firm had revenue of $32.87 million during the quarter, compared to analysts' expectations of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. As a group, sell-side analysts forecast that SITE Centers will post 3.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP John M. Cattonar sold 8,794 shares of the business's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dawn M. Sweeney sold 3,768 shares of the business's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the transaction, the director now owns 29,082 shares of the company's stock, 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. Over the last quarter, insiders sold 181,457 shares of company stock worth $2,791,693. Corporate insiders own 10.10% of the company's stock.

Hedge Funds Weigh In On SITE Centers

Institutional investors and hedge funds have recently modified their holdings of the company. KBC Group NV boosted its stake in SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company's stock valued at $53,000 after acquiring an additional 2,193 shares in the last quarter. Covestor Ltd boosted its stake in SITE Centers by 483.2% in the fourth quarter. Covestor Ltd now owns 3,756 shares of the company's stock valued at $57,000 after acquiring an additional 3,112 shares in the last quarter. Vestcor Inc acquired a new position in SITE Centers in the third quarter valued at $95,000. Van ECK Associates Corp boosted its stake in SITE Centers by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company's stock valued at $138,000 after acquiring an additional 833 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in SITE Centers in the fourth quarter valued at $148,000. Institutional investors and hedge funds 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.