SITE Centers (NYSE:SITC) Price Target Cut to $16.00 by Analysts at Citigroup

SITE Centers (NYSE:SITC) had its target price reduced by Citigroup from $18.00 to $16.00 in a report issued on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Other analysts have also issued research reports about the company. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Piper Sandler dropped their target price on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. StockNews.com started coverage on shares of SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating on the stock. Truist Financial raised their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Compass Point cut their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and an average price target of $36.04.

SITE Centers Stock Performance

NYSE SITC opened at $15.44 on Monday. The company has a 50-day simple moving average of $16.36 and a two-hundred day simple moving average of $120.78. SITE Centers has a 12-month low of $15.26 and a 12-month high of $64.44. The firm has a market cap of $809.52 million, a price-to-earnings ratio of 1.13 and a beta of 1.61. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last issued its earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm’s revenue for the quarter was down 37.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.32 earnings per share. On average, equities analysts forecast that SITE Centers will post 2.9 EPS for the current year.

Institutional Trading of SITE Centers

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. World Investment Advisors LLC bought a new position in SITE Centers in the 3rd quarter worth about $622,000. Virtu Financial LLC bought a new stake in SITE Centers during the 3rd quarter valued at about $2,399,000. Neo Ivy Capital Management purchased a new position in SITE Centers in the third quarter worth about $202,000. Vestcor Inc bought a new position in shares of SITE Centers in the third quarter worth approximately $95,000. Finally, Jane Street Group LLC grew its holdings in shares of SITE Centers by 3.3% during the third quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock valued at $11,085,000 after buying an additional 5,779 shares during 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.