Morgan Stanley Increases SITE Centers (NYSE:SITC) Price Target to $57.00

SITE Centers (NYSE:SITC) had its price objective hoisted by Morgan Stanley from $56.00 to $57.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other equities research analysts also recently issued reports on the company. Piper Sandler boosted their price objective on SITE Centers from $256.00 to $288.00 and gave the company an overweight rating in a report on Wednesday, July 31st. Stifel Nicolaus increased their price target on shares of SITE Centers from $65.00 to $65.25 and gave the stock a buy rating in a research report on Thursday, September 19th. Evercore ISI upgraded shares of SITE Centers to a hold rating in a report on Wednesday, July 31st. Wells Fargo & Company increased their target price on shares of SITE Centers from $64.00 to $68.00 and gave the stock an overweight rating in a report on Wednesday, August 28th. Finally, Truist Financial upped their price objective on SITE Centers from $56.00 to $58.00 and gave the stock a hold rating in a research report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, SITE Centers has an average rating of Hold and a consensus target price of $110.54.

SITE Centers Trading Up 2.2 %

NYSE SITC opened at $16.95 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. The stock has a market capitalization of $3.55 billion, a P/E ratio of 16.62 and a beta of 1.64. The firm’s 50-day moving average is $116.68 and its two-hundred day moving average is $189.90. SITE Centers has a 12 month low of $16.50 and a 12 month high of $64.44.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The firm had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. During the same quarter last year, the company posted $4.64 EPS. The firm’s quarterly revenue was down 16.5% on a year-over-year basis. On average, sell-side analysts anticipate that SITE Centers will post 3.63 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SITC. Chilton Capital Management LLC grew its position in shares of SITE Centers by 384.0% in the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after buying an additional 1,536 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of SITE Centers during the second quarter worth about $42,000. Quarry LP increased its position in shares of 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. O Shaughnessy Asset Management LLC acquired a new stake in shares of SITE Centers during the first quarter worth about $147,000. Finally, Diversified Trust Co purchased a new stake in shares of SITE Centers in the 2nd quarter valued at about $152,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.