SITE Centers (NYSE:SITC) Price Target Cut to $16.00 by Analysts at Citigroup

SITE Centers (NYSE:SITC) had its price target lowered by Citigroup from $18.00 to $16.00 in a report released on Monday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Other equities analysts have also recently issued reports about the company. StockNews.com assumed coverage on SITE Centers in a report on Wednesday, December 4th. They set a “hold” rating on the stock. Stifel Nicolaus increased their target price on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a report on Thursday, September 19th. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Truist Financial upped their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, Compass Point dropped their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Nine investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, SITE Centers currently has a consensus rating of “Hold” and an average target price of $36.04.

SITE Centers Price Performance

Shares of NYSE:SITC opened at $15.44 on Monday. The business has a 50-day simple moving average of $16.36 and a two-hundred day simple moving average of $120.78. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The firm has a market cap of $809.52 million, a price-to-earnings ratio of 1.13 and a beta of 1.61. SITE Centers has a fifty-two week low of $15.26 and a fifty-two week high of $64.44.

SITE Centers (NYSE:SITC) last released its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $89.43 million during the quarter, compared to analysts’ expectations of $104.55 million. During the same period in the previous year, the company earned $1.32 earnings per share. The firm’s quarterly revenue was down 37.5% on a year-over-year basis. On average, analysts expect that SITE Centers will post 2.9 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its holdings in SITE Centers by 1.9% during 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 grew its position in shares of SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock worth $179,000 after purchasing an additional 1,126 shares in the last quarter. Louisiana State Employees Retirement System raised its stake 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. Vestcor Inc purchased a new position in SITE Centers in the 3rd quarter worth approximately $95,000. Finally, Van ECK Associates Corp boosted its stake in SITE Centers by 6.3% in the 2nd 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 hedge funds and other institutional investors.

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.