SITE Centers (NYSE:SITC) Lowered to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company cut shares of SITE Centers (NYSE:SITC) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday, Marketbeat reports. Wells Fargo & Company currently has $19.00 price target on the stock, down from their prior price target of $68.00.

A number of other research firms have also weighed in on SITC. Stifel Nicolaus raised their target price on shares of SITE Centers from $65.00 to $65.25 and gave the company a buy rating in a report on Thursday, September 19th. Morgan Stanley boosted their target price on shares of SITE Centers from $56.00 to $57.00 and gave the stock an equal weight rating in a report on Monday, September 30th. 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. Evercore ISI raised SITE Centers to a hold rating in a research note on Wednesday, July 31st. Finally, StockNews.com started coverage on SITE Centers in a research note on Sunday, September 29th. They issued a hold rating for the company. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, SITE Centers has a consensus rating of Hold and an average price target of $110.54.

SITE Centers Stock Up 2.6 %

Shares of SITC stock opened at $17.39 on Wednesday. The company’s fifty day simple moving average is $112.02 and its two-hundred day simple moving average is $188.45. SITE Centers has a 52 week low of $16.50 and a 52 week high of $64.44. The stock has a market cap of $3.64 billion, a P/E ratio of 17.05 and a beta of 1.64. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC) last posted its earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. The company had revenue of $113.48 million for 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%. The firm’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same period in the previous year, the business earned $4.64 earnings per share. Analysts predict that SITE Centers will post 3.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in SITE Centers by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock valued at $413,531,000 after acquiring an additional 608,996 shares during the period. Long Pond Capital LP grew its holdings in shares of SITE Centers by 403.8% in the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after purchasing an additional 4,644,142 shares during the last quarter. Frontier Capital Management Co. LLC increased its stake in SITE Centers by 7.5% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,800,420 shares of the company’s stock worth $38,170,000 after buying an additional 196,094 shares during the period. Dimensional Fund Advisors LP lifted its holdings in SITE Centers by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock valued at $39,426,000 after buying an additional 31,529 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in SITE Centers by 13.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company’s stock valued at $15,629,000 after buying an additional 127,278 shares during the period. 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.