SITE Centers (NYSE:SITC) Downgraded by Wells Fargo & Company

Wells Fargo & Company cut shares of SITE Centers (NYSE:SITC) from an overweight rating to an equal weight rating in a research note published on Wednesday, Marketbeat reports. They currently have $19.00 price target on the stock, down from their prior price target of $68.00.

Several other research analysts have also weighed in on SITC. StockNews.com assumed coverage on shares of SITE Centers in a research report on Sunday, September 29th. They set a hold rating on the stock. Stifel Nicolaus upped their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a buy rating in a report on Thursday, September 19th. Truist Financial upped their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a hold rating in a report on Wednesday, August 28th. Evercore ISI raised shares of SITE Centers to a hold rating in a report on Wednesday, July 31st. Finally, Morgan Stanley upped their price target on shares of SITE Centers from $56.00 to $57.00 and gave the company an equal weight rating in a report on Monday, September 30th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $110.54.

SITE Centers Trading Up 2.6 %

Shares of SITE Centers stock opened at $17.39 on Wednesday. SITE Centers has a 52-week low of $16.50 and a 52-week high of $64.44. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70. The company’s 50-day simple moving average is $116.68 and its 200-day simple moving average is $189.90. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 17.05 and a beta of 1.64.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The business had revenue of $113.48 million for the quarter, compared to analyst estimates of $113.23 million. During the same period in the previous year, the business posted $4.64 earnings per share. The business’s revenue was down 16.5% compared to the same quarter last year. As a group, equities research analysts anticipate that SITE Centers will post 3.63 earnings per share for the current year.

Hedge Funds Weigh In On SITE Centers

Several institutional investors and hedge funds have recently modified their holdings of the company. Chilton Capital Management LLC raised its stake in SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after purchasing an additional 1,536 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in SITE Centers during the second quarter worth approximately $42,000. Quarry LP raised its stake in SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the period. O Shaughnessy Asset Management LLC acquired a new stake in shares of SITE Centers in the first quarter worth $147,000. Finally, Diversified Trust Co acquired a new stake in shares of SITE Centers in the second quarter worth $152,000. Hedge funds and other 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.