SITE Centers (NYSE:SITC) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of SITE Centers (NYSE:SITC) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

SITC has been the topic of a number of other reports. Citigroup reduced their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Piper Sandler reduced their target price on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Wells Fargo & Company reduced their target price on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.75.

SITE Centers Trading Down 0.5 %

SITC opened at $14.57 on Tuesday. SITE Centers has a fifty-two week low of $14.47 and a fifty-two week high of $32.22. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The firm has a market capitalization of $764.06 million, a price-to-earnings ratio of 1.07 and a beta of 1.60. The company’s 50 day moving average price is $15.06 and its two-hundred day moving average price is $33.33.

Insider Activity

In related news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the transaction, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV boosted its stake in SITE Centers by 170.4% during the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after acquiring an additional 2,193 shares in the last quarter. Covestor Ltd boosted its stake in SITE Centers by 483.2% during the fourth quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after acquiring an additional 3,112 shares in the last quarter. Vestcor Inc bought a new position in SITE Centers during the third quarter worth $95,000. Van ECK Associates Corp boosted its stake in SITE Centers by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after acquiring an additional 833 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in SITE Centers during the fourth quarter worth $148,000. 88.70% of the stock is owned by 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.