Wells Fargo & Company Lowers SITE Centers (NYSE:SITC) Price Target to $17.00

SITE Centers (NYSE:SITC) had its price target decreased by equities research analysts at Wells Fargo & Company from $17.50 to $17.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 11.95% from the stock’s previous close.

A number of other equities analysts have also commented on SITC. Citigroup cut their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Piper Sandler lowered their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Compass Point reduced their target price on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Finally, StockNews.com assumed coverage on shares of SITE Centers in a research note on Wednesday, December 4th. They issued a “hold” rating for the company. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.75.

SITE Centers Stock Down 0.9 %

Shares of SITC stock traded down $0.14 during trading hours on Wednesday, reaching $15.19. The company had a trading volume of 42,066 shares, compared to its average volume of 757,826. The company has a market capitalization of $796.15 million, a P/E ratio of 1.11 and a beta of 1.61. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. SITE Centers has a twelve month low of $14.55 and a twelve month high of $32.22. The stock’s fifty day simple moving average is $15.38 and its 200 day simple moving average is $65.99.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million during 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%. SITE Centers’s revenue for the quarter was down 37.5% on a year-over-year basis. During the same quarter last year, the company earned $1.32 earnings per share. As a group, sell-side analysts expect that SITE Centers will post 3.24 earnings per share for the current fiscal year.

Insider Buying and Selling at SITE Centers

In related news, CEO David R. Lukes sold 168,895 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now owns 136,008 shares in the company, valued at $2,093,163.12. The trade was a 55.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. Insiders sold a total of 181,457 shares of company stock worth $2,791,693 over the last 90 days. Insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. acquired a new position in shares of SITE Centers during the fourth quarter valued at $34,297,000. Robeco Institutional Asset Management B.V. acquired a new position in SITE Centers during the 4th quarter valued at about $5,401,000. Advisors Preferred LLC bought a new stake in shares of SITE Centers during the 4th quarter worth about $2,517,000. Graham Capital Wealth Management LLC acquired a new stake in shares of SITE Centers in the 4th quarter worth approximately $2,226,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of SITE Centers by 19.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock valued at $19,612,000 after acquiring an additional 53,412 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

SITE Centers Company Profile

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.