SITE Centers (NYSE:SITC) Price Target Cut to $18.00

SITE Centers (NYSE:SITCGet Rating) had its price target dropped by equities research analysts at Piper Sandler to $18.00 in a research note issued to investors on Monday, Stock Target Advisor reports. Piper Sandler’s price target points to a potential upside of 31.96% from the stock’s current price.

A number of other equities analysts have also commented on SITC. TheStreet lowered shares of SITE Centers from a “b-” rating to a “c+” rating in a research report on Monday, May 2nd. StockNews.com started coverage on SITE Centers in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Compass Point decreased their price target on SITE Centers from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 22nd. KeyCorp cut their price objective on SITE Centers from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, June 28th. Finally, Jefferies Financial Group decreased their target price on SITE Centers from $17.00 to $13.00 and set a “hold” rating on the stock in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Shares of SITE Centers stock traded up $0.17 during midday trading on Monday, hitting $13.64. 194,748 shares of the company were exchanged, compared to its average volume of 2,247,789. The firm has a 50 day simple moving average of $14.67 and a 200-day simple moving average of $15.35. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market cap of $2.92 billion, a P/E ratio of 27.84 and a beta of 1.53. SITE Centers has a 52 week low of $12.40 and a 52 week high of $17.61.

SITE Centers (NYSE:SITCGet Rating) last issued its quarterly earnings data on Tuesday, April 26th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. SITE Centers had a return on equity of 6.61% and a net margin of 24.41%. The company had revenue of $131.10 million during the quarter, compared to analysts’ expectations of $126.07 million. During the same period last year, the business earned $0.28 earnings per share. The business’s revenue was up 9.3% on a year-over-year basis. Equities research analysts expect that SITE Centers will post 1.14 earnings per share for the current year.

In other news, CEO David R. Lukes sold 310,797 shares of the business’s stock in a transaction on Thursday, April 28th. The stock was sold at an average price of $16.59, for a total transaction of $5,156,122.23. Following the completion of the sale, the chief executive officer now owns 1,164,513 shares in the company, valued at $19,319,270.67. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 9.80% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of SITC. Cubist Systematic Strategies LLC lifted its holdings in SITE Centers by 55.4% in the third quarter. Cubist Systematic Strategies LLC now owns 43,943 shares of the company’s stock valued at $678,000 after buying an additional 15,662 shares during the period. UBS Group AG raised its position in shares of SITE Centers by 50.8% during the 3rd quarter. UBS Group AG now owns 247,928 shares of the company’s stock valued at $3,828,000 after acquiring an additional 83,495 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of SITE Centers by 4.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,249,617 shares of the company’s stock valued at $34,734,000 after purchasing an additional 91,819 shares during the period. Comerica Bank boosted its position in shares of SITE Centers by 3.0% in the 3rd quarter. Comerica Bank now owns 162,506 shares of the company’s stock worth $2,668,000 after purchasing an additional 4,717 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in shares of SITE Centers by 5.4% during the third quarter. UBS Asset Management Americas Inc. now owns 957,260 shares of the company’s stock worth $14,780,000 after purchasing an additional 48,970 shares during the period. Institutional investors own 88.34% of the company’s stock.

About SITE Centers (Get Rating)

SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.

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