Piper Sandler Cuts SITE Centers (NYSE:SITC) Price Target to $19.00

SITE Centers (NYSE:SITC) had its price objective dropped by investment analysts at Piper Sandler from $20.00 to $19.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 37.83% from the stock’s previous close.

SITC has been the topic of a number of other reports. Wells Fargo & Company dropped their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. StockNews.com raised SITE Centers from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Citigroup cut their price target on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $35.61.

SITE Centers Price Performance

Shares of SITC stock opened at $13.79 on Friday. SITE Centers has a twelve month low of $13.30 and a twelve month high of $32.22. 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 stock has a fifty day simple moving average of $15.03 and a two-hundred day simple moving average of $33.06. The stock has a market capitalization of $722.75 million, a price-to-earnings ratio of 1.01 and a beta of 1.60.

SITE Centers (NYSE:SITC) last released its quarterly earnings data on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. On average, analysts predict that SITE Centers will post 3.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other SITE Centers news, EVP John M. Cattonar sold 8,794 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David R. Lukes sold 168,895 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the transaction, the chief executive officer now directly owns 136,008 shares in the company, valued at $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 181,457 shares of company stock valued at $2,791,693. Insiders own 10.10% of the company’s stock.

Institutional Trading of SITE Centers

Several institutional investors and hedge funds have recently bought and sold shares of SITC. Vanguard Group Inc. increased its stake in shares of SITE Centers by 10.2% in the fourth quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company’s stock worth $111,556,000 after acquiring an additional 675,190 shares during the period. Pacer Advisors Inc. purchased a new stake in SITE Centers in the fourth quarter valued at $34,297,000. Invesco Ltd. grew its position in SITE Centers by 777.4% during the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock worth $32,432,000 after purchasing an additional 1,879,351 shares during the period. Rush Island Management LP raised its stake in shares of SITE Centers by 161.0% during the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after buying an additional 976,110 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of SITE Centers by 18.4% in the 4th quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company’s stock valued at $21,595,000 after buying an additional 219,636 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.