Compass Point Cuts SITE Centers (NYSE:SITC) Price Target to $17.00

SITE Centers (NYSE:SITC) had its target price reduced by analysts at Compass Point from $64.00 to $17.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Compass Point’s price target would suggest a potential downside of 1.85% from the company’s previous close.

Several other research firms also recently issued reports on SITC. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. StockNews.com assumed coverage on shares of SITE Centers in a research note on Monday, October 7th. They issued a “buy” rating for the company. Piper Sandler lifted their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Morgan Stanley increased their target price on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Evercore ISI upgraded SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $97.18.

SITE Centers Price Performance

SITE Centers stock traded up $0.23 during midday trading on Tuesday, hitting $17.32. The company’s stock had a trading volume of 389,693 shares, compared to its average volume of 593,632. SITE Centers has a 12 month low of $16.50 and a 12 month 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. The company has a market capitalization of $3.63 billion, a PE ratio of 16.99 and a beta of 1.64. The stock’s 50-day moving average price is $84.35 and its 200-day moving average price is $178.99.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.84 by $13.92. The company had revenue of $113.48 million for the quarter, compared to analysts’ expectations 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 was down 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.64 earnings per share. Analysts anticipate that SITE Centers will post 3.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SITE Centers

A number of institutional investors have recently added to or reduced their stakes in SITC. Arizona State Retirement System increased its stake in SITE Centers by 1.9% in the second quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock valued at $765,000 after acquiring an additional 976 shares during the period. Vanderbilt University increased its stake in shares of SITE Centers by 10.0% in the 2nd quarter. Vanderbilt University now owns 12,378 shares of the company’s stock valued at $179,000 after buying an additional 1,126 shares during the period. Louisiana State Employees Retirement System lifted its position in SITE Centers by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock valued at $1,315,000 after purchasing an additional 1,500 shares during the period. Chilton Capital Management LLC boosted its stake in SITE Centers by 384.0% in the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after acquiring an additional 1,536 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of SITE Centers by 6.3% during the second quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock worth $421,000 after purchasing an additional 1,723 shares during the period. 88.70% of the stock is owned by institutional investors and hedge funds.

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.