Wells Fargo & Company Cuts SITE Centers (NYSE:SITC) Price Target to $14.50

SITE Centers (NYSE:SITC) had its price objective trimmed by Wells Fargo & Company from $17.00 to $14.50 in a report published on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Citigroup reduced their price target on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. StockNews.com downgraded shares of SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, Piper Sandler lowered their price target on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $35.25.

SITE Centers Stock Down 1.1 %

Shares of SITE Centers stock opened at $12.64 on Wednesday. The company’s fifty day simple moving average is $14.12 and its two-hundred day simple moving average is $19.82. SITE Centers has a 12-month low of $12.58 and a 12-month high of $64.44. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The company has a market cap of $662.45 million, a P/E ratio of 0.92 and a beta of 1.63.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.07). The company had revenue of $32.87 million for the quarter, compared to analysts’ expectations of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. Research analysts anticipate that SITE Centers will post 3.24 EPS for the current year.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of SITE Centers by 19.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock worth $19,612,000 after purchasing an additional 53,412 shares during the last quarter. Quantinno Capital Management LP purchased a new position in SITE Centers in the 3rd quarter worth about $244,000. Systematic Financial Management LP purchased a new position in SITE Centers in the 3rd quarter worth about $203,000. Soros Fund Management LLC bought a new position in SITE Centers during the 3rd quarter valued at about $3,025,000. Finally, Jane Street Group LLC boosted its holdings in shares of SITE Centers by 3.3% during the 3rd quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock valued at $11,085,000 after acquiring an additional 5,779 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.