SITE Centers (NYSE:SITC) Price Target Cut to $14.50 by Analysts at Wells Fargo & Company

SITE Centers (NYSE:SITC) had its price target dropped by stock analysts at Wells Fargo & Company from $17.00 to $14.50 in a report released on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 11.28% from the stock’s previous close.

SITC has been the subject of a number of other research reports. Citigroup cut their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Piper Sandler lowered their price target on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Finally, StockNews.com cut SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, SITE Centers has an average rating of “Hold” and a consensus target price of $35.25.

SITE Centers Trading Down 0.9 %

Shares of SITC stock opened at $13.03 on Wednesday. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The firm has a market cap of $683.16 million, a P/E ratio of 0.95 and a beta of 1.63. The business has a 50-day moving average price of $14.28 and a two-hundred day moving average price of $20.23. SITE Centers has a 12-month low of $12.58 and a 12-month high of $64.44.

SITE Centers (NYSE:SITC) last released its earnings results on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). The firm had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. Equities analysts anticipate that SITE Centers will post 3.24 EPS for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

Several hedge funds and other institutional investors have recently modified their holdings of SITC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake 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 worth $19,612,000 after purchasing an additional 53,412 shares during the last quarter. Quantinno Capital Management LP bought a new stake in shares of SITE Centers in the 3rd quarter worth approximately $244,000. Systematic Financial Management LP bought a new position in shares of SITE Centers during the third quarter valued at approximately $203,000. Soros Fund Management LLC purchased a new stake in SITE Centers in the third quarter worth $3,025,000. Finally, Jane Street Group LLC lifted its stake in SITE Centers by 3.3% in the third quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock worth $11,085,000 after acquiring an additional 5,779 shares during the period. 88.70% of the stock is owned by institutional investors.

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.