Mizuho Increases SITE Centers (NYSE:SITC) Price Target to $13.00

SITE Centers (NYSE:SITC) had its price objective upped by stock analysts at Mizuho from $10.50 to $13.00 in a report issued on Tuesday, The Fly reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price target points to a potential downside of 0.54% from the company’s current price.

SITC has been the subject of several other research reports. Wells Fargo & Company upgraded shares of SITE Centers from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $8.00 to $11.50 in a research note on Thursday, December 10th. Truist boosted their target price on shares of SITE Centers from $7.00 to $10.00 in a research note on Friday, December 11th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price target on shares of SITE Centers from $8.50 to $11.00 in a research report on Tuesday, December 15th. Piper Sandler upgraded shares of SITE Centers from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $11.00 to $13.00 in a research report on Thursday, January 14th. Finally, Smith Barney Citigroup upped their price target on shares of SITE Centers from $8.50 to $11.00 in a research report on Tuesday, December 15th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $9.69.

NYSE SITC opened at $13.07 on Tuesday. The stock has a market cap of $2.53 billion, a P/E ratio of 81.69 and a beta of 1.66. The company’s fifty day simple moving average is $11.41 and its 200-day simple moving average is $9.90. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.09. SITE Centers has a 52 week low of $3.60 and a 52 week high of $13.13.

SITE Centers (NYSE:SITC) last released its earnings results on Thursday, February 18th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.27). SITE Centers had a net margin of 14.52% and a return on equity of 3.76%. On average, research analysts expect that SITE Centers will post 0.98 EPS for the current fiscal year.

In other news, Director Alexander Otto sold 145,025 shares of the stock in a transaction that occurred on Monday, December 7th. The shares were sold at an average price of $10.29, for a total value of $1,492,307.25. Following the completion of the transaction, the director now directly owns 32,474,242 shares in the company, valued at $334,159,950.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 1,671,207 shares of company stock valued at $17,288,588 over the last quarter. Insiders own 21.40% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. boosted its holdings in shares of SITE Centers by 26.8% in the third quarter. UBS Asset Management Americas Inc. now owns 753,771 shares of the company’s stock valued at $5,427,000 after acquiring an additional 159,362 shares in the last quarter. Virginia Retirement Systems ET AL boosted its holdings in SITE Centers by 26.4% during the third quarter. Virginia Retirement Systems ET AL now owns 495,100 shares of the company’s stock worth $3,565,000 after buying an additional 103,400 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its holdings in SITE Centers by 28.2% during the third quarter. Schonfeld Strategic Advisors LLC now owns 55,400 shares of the company’s stock worth $399,000 after buying an additional 12,185 shares in the last quarter. Acadian Asset Management LLC bought a new stake in SITE Centers during the third quarter worth approximately $76,000. Finally, Wells Fargo & Company MN boosted its holdings in SITE Centers by 5.0% during the third quarter. Wells Fargo & Company MN now owns 441,293 shares of the company’s stock worth $3,177,000 after buying an additional 20,831 shares in the last quarter. Institutional investors and hedge funds own 81.57% of the company’s stock.

About SITE Centers

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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