SITE Centers (NYSE:SITC) Price Target Raised to $58.00 at Truist Financial

SITE Centers (NYSE:SITC) had its price objective boosted by Truist Financial from $56.00 to $58.00 in a research note issued to investors on Wednesday, Benzinga reports. Truist Financial currently has a hold rating on the stock.

SITC has been the subject of several other research reports. Wells Fargo & Company lifted their price objective on SITE Centers from $64.00 to $68.00 and gave the company an overweight rating in a research report on Wednesday. Evercore ISI upgraded SITE Centers to a hold rating in a research report on Wednesday, July 31st. Finally, Piper Sandler lifted their price objective on SITE Centers from $256.00 to $288.00 and gave the company an overweight rating in a research report on Wednesday, July 31st. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $147.50.

SITE Centers Price Performance

SITE Centers stock opened at $60.35 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 3.54. The company has a market capitalization of $12.65 billion, a PE ratio of 59.17 and a beta of 1.64. SITE Centers has a one year low of $43.52 and a one year high of $64.44. The business has a 50 day simple moving average of $204.96 and a 200 day simple moving average of $218.27.

SITE Centers (NYSE:SITC) last posted its earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping the consensus estimate of $3.84 by $13.92. The business had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. SITE Centers’s revenue was down 16.5% on a year-over-year basis. During the same quarter last year, the company earned $4.64 EPS. On average, sell-side analysts forecast that SITE Centers will post 0.94 EPS for the current fiscal year.

Insider Transactions at SITE Centers

In other news, Director Alexander Otto sold 22,348 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $230.24, for a total transaction of $5,145,403.52. Following the completion of the sale, the director now owns 1,036,436 shares in the company, valued at $238,629,024.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 98,670 shares of company stock worth $22,784,560 over the last 90 days. 10.10% of the stock is owned by insiders.

Institutional Investors Weigh In On SITE Centers

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Chilton Capital Management LLC grew its stake in shares of SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after purchasing an additional 1,536 shares during the period. GAMMA Investing LLC acquired a new stake in shares of SITE Centers during the fourth quarter worth $30,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of SITE Centers during the second quarter worth $42,000. Quarry LP grew its stake in shares of SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the period. Finally, O Shaughnessy Asset Management LLC acquired a new stake in shares of SITE Centers during the first quarter worth $147,000. 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.