Wells Fargo & Company Issues Pessimistic Forecast for SITE Centers (NYSE:SITC) Stock Price

SITE Centers (NYSE:SITC) had its price target lowered by stock analysts at Wells Fargo & Company from $17.50 to $17.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 11.95% from the stock’s previous close.

A number of other equities research analysts also recently commented on SITC. StockNews.com initiated coverage on SITE Centers in a report on Wednesday, December 4th. They issued a “hold” rating for the company. Citigroup decreased 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. Piper Sandler reduced their price target 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. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Finally, Compass Point reduced their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and a consensus target price of $35.75.

SITE Centers Stock Performance

Shares of SITE Centers stock traded down $0.14 during trading hours on Wednesday, hitting $15.19. 42,066 shares of the company were exchanged, compared to its average volume of 757,826. The business has a 50-day moving average of $15.38 and a 200-day moving average of $65.99. SITE Centers has a 1 year low of $14.55 and a 1 year high of $32.22. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $796.15 million, a price-to-earnings ratio of 1.11 and a beta of 1.61.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. During the same period in the previous year, the business posted $1.32 earnings per share. The business’s revenue was down 37.5% compared to the same quarter last year. As a group, analysts expect that SITE Centers will post 3.24 EPS for the current fiscal year.

Insider Transactions at SITE Centers

In other SITE Centers news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP John M. Cattonar sold 8,794 shares of SITE Centers stock in a transaction on Monday, December 23rd. The shares were 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 valued at $2,791,693 over the last three months. 10.10% of the stock is currently owned by insiders.

Institutional Trading of SITE Centers

A number of hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. purchased a new position in shares of SITE Centers during the 4th quarter worth about $34,297,000. Robeco Institutional Asset Management B.V. purchased a new position in SITE Centers during the fourth quarter worth approximately $5,401,000. 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 3rd 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 purchasing an additional 53,412 shares during the last quarter. Sei Investments Co. grew its stake in shares of SITE Centers by 6.7% during the 2nd quarter. Sei Investments Co. now owns 307,679 shares of the company’s stock valued at $4,461,000 after buying an additional 19,436 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of SITE Centers by 3.3% during the 3rd quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock worth $11,085,000 after buying an additional 5,779 shares during 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.