Citigroup Has Lowered Expectations for SITE Centers (NYSE:SITC) Stock Price

SITE Centers (NYSE:SITC) had its price target reduced by Citigroup from $18.00 to $16.00 in a research note published on Monday,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the company. StockNews.com initiated coverage on SITE Centers in a report on Wednesday, December 4th. They issued a “hold” rating on the stock. Piper Sandler dropped their price target on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Morgan Stanley raised their price objective on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Truist Financial upped their target price 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 decreased their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $36.04.

SITE Centers Price Performance

Shares of SITE Centers stock opened at $15.39 on Monday. The firm has a market cap of $806.90 million, a PE ratio of 1.13 and a beta of 1.61. The business has a 50-day moving average price of $16.32 and a 200 day moving average price of $119.28. 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 has a twelve month low of $15.24 and a twelve month high of $64.44.

SITE Centers (NYSE:SITC) last issued its quarterly 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 during the quarter, compared to analyst estimates 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 was down 37.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.32 EPS. Sell-side analysts predict that SITE Centers will post 2.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SITE Centers

Institutional investors have recently modified their holdings of the company. Arizona State Retirement System grew its holdings in shares of SITE Centers by 1.9% in the second quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock valued at $765,000 after purchasing an additional 976 shares in the last quarter. Vanderbilt University increased its position in shares of SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock worth $179,000 after acquiring an additional 1,126 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of SITE Centers by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock valued at $1,315,000 after acquiring an additional 1,500 shares in the last quarter. Vestcor Inc purchased a new position in SITE Centers in the third quarter valued at $95,000. Finally, Van ECK Associates Corp grew its stake in SITE Centers by 6.3% during the 2nd quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock worth $421,000 after purchasing an additional 1,723 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.