SITE Centers (NYSE:SITC) Given New $20.00 Price Target at Piper Sandler

SITE Centers (NYSE:SITC) had its price target reduced by Piper Sandler from $23.00 to $20.00 in a research note issued to investors on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

SITC has been the subject of a number of other research reports. Evercore ISI raised shares of SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Morgan Stanley upped their price objective on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company cut SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Truist Financial increased 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, StockNews.com upgraded shares of SITE Centers from a “hold” rating to a “buy” rating in a report on Saturday, November 2nd. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $58.89.

SITE Centers Trading Down 0.4 %

Shares of SITC opened at $15.92 on Monday. The stock’s fifty day simple moving average is $36.22 and its 200-day simple moving average is $154.79. The firm has a market capitalization of $834.69 million, a PE ratio of 1.17 and a beta of 1.62. SITE Centers has a 12-month low of $15.83 and a 12-month high of $64.44. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last released its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same period in the prior year, the company posted $1.32 EPS. The company’s revenue was down 37.5% compared to the same quarter last year. As a group, research analysts predict that SITE Centers will post 3.36 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Long Pond Capital LP raised its stake in shares of SITE Centers by 403.8% in the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after purchasing an additional 4,644,142 shares during the period. Dimensional Fund Advisors LP raised its position in SITE Centers by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock valued at $39,426,000 after buying an additional 31,529 shares during the last quarter. APG Asset Management US Inc. lifted its stake in SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock valued at $12,996,000 after acquiring an additional 535,550 shares in the last quarter. Renaissance Technologies LLC boosted its position in SITE Centers by 6.8% during the 2nd quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock worth $12,794,000 after acquiring an additional 56,013 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in shares of SITE Centers by 3,017.5% during the 2nd 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 in the last quarter. 88.70% of the stock is currently 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.