SITE Centers (NYSE:SITC) Price Target Raised to $65.25

SITE Centers (NYSE:SITC) had its price target boosted by Stifel Nicolaus from $65.00 to $65.25 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued research reports about the company. Piper Sandler boosted their target price on SITE Centers from $256.00 to $288.00 and gave the company an overweight rating in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on SITE Centers from $64.00 to $68.00 and gave the company an overweight rating in a report on Wednesday, August 28th. Evercore ISI raised SITE Centers to a hold rating in a report on Wednesday, July 31st. Finally, Truist Financial boosted their target price on SITE Centers from $56.00 to $58.00 and gave the company a hold rating in a report on Wednesday, August 28th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $131.05.

SITE Centers Trading Down 1.0 %

SITC opened at $58.90 on Thursday. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of 57.75 and a beta of 1.64. SITE Centers has a 52 week low of $43.52 and a 52 week high of $64.44. The business’s 50 day moving average is $152.91 and its two-hundred day moving average is $201.14. 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 released its quarterly 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 company had revenue of $113.48 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.64 earnings per share. On average, research analysts predict that SITE Centers will post 3.67 EPS for the current year.

Insider Activity at SITE Centers

In related news, Director Alexander Otto sold 14,252 shares of SITE Centers stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $225.76, for a total value of $3,217,531.52. Following the sale, the director now directly owns 1,079,267 shares in the company, valued at $243,655,317.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 60,641 shares of company stock worth $13,940,447 over the last three months. 10.10% of the stock is currently owned by corporate insiders.

Institutional Trading of SITE Centers

A number of institutional investors have recently bought and sold shares of the company. Quarry LP boosted its position in 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 in the last quarter. Algert Global LLC raised its holdings in shares of SITE Centers by 65.0% in the second quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after acquiring an additional 162,260 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of SITE Centers by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company’s stock worth $1,510,000 after acquiring an additional 1,751 shares during the last quarter. APG Asset Management US Inc. raised its holdings in shares of SITE Centers by 145.0% in 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, Bank of Montreal Can raised its holdings in shares of SITE Centers by 3,017.5% in 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. 88.70% of the stock is currently owned by hedge funds and other 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.