SITE Centers’ (SITC) Sector Weight Rating Reiterated at KeyCorp

KeyCorp reaffirmed their sector weight rating on shares of SITE Centers (NYSE:SITC) in a report published on Monday, Marketbeat reports. KeyCorp also issued estimates for SITE Centers’ Q3 2024 earnings at $0.83 EPS, Q4 2024 earnings at $0.20 EPS, FY2024 earnings at $3.14 EPS, Q1 2025 earnings at $0.19 EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at $0.11 EPS, Q4 2025 earnings at $0.12 EPS and FY2025 earnings at $0.56 EPS.

A number of other analysts have also weighed in on SITC. Piper Sandler increased their target price on SITE Centers from $256.00 to $288.00 and gave the stock an overweight rating in a research note on Wednesday, July 31st. StockNews.com began coverage on SITE Centers in a research note on Monday. They issued a buy rating on the stock. Evercore ISI upgraded SITE Centers to a hold rating in a research note on Wednesday, July 31st. 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. Finally, Truist Financial increased their target price on SITE Centers from $56.00 to $58.00 and gave the stock a hold rating in a research note on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $110.54.

SITE Centers Stock Down 0.8 %

Shares of SITC opened at $17.21 on Monday. The company has a market cap of $3.61 billion, a PE ratio of 16.87 and a beta of 1.64. The business has a fifty day moving average of $93.40 and a 200 day moving average of $182.63. SITE Centers has a 52-week low of $16.50 and a 52-week high of $64.44. 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 issued its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The company had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. During the same period last year, the company earned $4.64 earnings per share. SITE Centers’s revenue was down 16.5% on a year-over-year basis. On average, sell-side analysts expect that SITE Centers will post 3.63 EPS for the current year.

Hedge Funds Weigh In On SITE Centers

A number of large investors have recently added to or reduced their stakes in SITC. Long Pond Capital LP raised its holdings in 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 in the last quarter. Bank of Montreal Can grew its stake in shares of SITE Centers by 3,017.5% during the second quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock worth $11,081,000 after acquiring an additional 739,174 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of SITE Centers by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock worth $413,531,000 after acquiring an additional 608,996 shares during the last quarter. APG Asset Management US Inc. grew its stake in shares of SITE Centers by 145.0% during the second quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after acquiring an additional 535,550 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in shares of SITE Centers during the second quarter worth about $3,089,000. 88.70% of the stock is currently owned by 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.