SITE Centers (NYSE:SITC) Lowered to Hold Rating by StockNews.com

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

A number of other research firms have also weighed in on SITC. Piper Sandler lowered their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Citigroup dropped their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Wells Fargo & Company dropped their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.61.

SITE Centers Trading Down 0.7 %

NYSE SITC opened at $13.35 on Wednesday. SITE Centers has a 1-year low of $13.13 and a 1-year 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 50-day moving average of $14.88 and a 200-day moving average of $25.12. The firm has a market cap of $700.05 million, a PE ratio of 0.98 and a beta of 1.66.

SITE Centers (NYSE:SITC) last released its earnings results 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 net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. As a group, sell-side analysts forecast that SITE Centers will post 3.24 EPS for the current year.

Insider Transactions at SITE Centers

In other news, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David R. Lukes sold 168,895 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was 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 of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 181,457 shares of company stock valued at $2,791,693. Corporate insiders own 10.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Vestcor Inc bought a new position in SITE Centers during the 3rd quarter valued at approximately $95,000. Neo Ivy Capital Management bought a new position in SITE Centers during the 3rd quarter valued at approximately $202,000. Systematic Financial Management LP bought a new position in SITE Centers during the 3rd quarter valued at approximately $203,000. KBC Group NV increased its position in SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after buying an additional 2,193 shares in the last quarter. Finally, Covestor Ltd increased its position in SITE Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock valued at $57,000 after buying an additional 3,112 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

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.