SITE Centers (NYSE:SITC) Sees Strong Trading Volume – What’s Next?

SITE Centers Corp. (NYSE:SITC) saw unusually-strong trading volume on Monday . Approximately 369,680 shares traded hands during trading, a decline of 41% from the previous session’s volume of 622,425 shares.The stock last traded at $16.83 and had previously closed at $16.88.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SITC. Piper Sandler boosted their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Stifel Nicolaus increased their price objective on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Morgan Stanley boosted their target price on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, Wells Fargo & Company lowered SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $97.18.

SITE Centers Trading Down 1.1 %

The company’s 50 day simple moving average is $43.39 and its 200 day simple moving average is $165.71. The company has a debt-to-equity ratio of 0.70, a current ratio of 7.36 and a quick ratio of 7.36. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 16.55 and a beta of 1.64.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, topping the consensus estimate of $3.84 by $13.92. The company had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. SITE Centers’s revenue was down 16.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.64 EPS. As a group, research analysts expect that SITE Centers Corp. will post 3.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of SITE Centers by 508.3% in the 3rd quarter. Blue Trust Inc. now owns 6,381 shares of the company’s stock valued at $386,000 after purchasing an additional 5,332 shares during the last quarter. AlphaMark Advisors LLC purchased a new position in SITE Centers in the third quarter valued at $319,000. SG Americas Securities LLC raised its stake in SITE Centers by 115.1% in the third quarter. SG Americas Securities LLC now owns 16,318 shares of the company’s stock valued at $987,000 after buying an additional 8,731 shares in the last quarter. Quarry LP lifted its holdings in SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after buying an additional 2,857 shares during the last quarter. Finally, Algert Global LLC boosted its position in shares of SITE Centers by 65.0% during the 2nd quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after acquiring an additional 162,260 shares in the last quarter. Hedge funds and other 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.