Wells Fargo & Company Cuts SITE Centers (NYSE:SITC) Price Target to $14.50

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

Other analysts have also recently issued reports about the stock. StockNews.com cut shares of SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Citigroup dropped their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, Piper Sandler reduced their price target on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, SITE Centers has an average rating of “Hold” and a consensus target price of $35.25.

SITE Centers Price Performance

SITC opened at $13.03 on Wednesday. The firm’s fifty day moving average price is $14.28 and its two-hundred day moving average price is $20.23. The company has a market capitalization of $683.16 million, a price-to-earnings ratio of 0.95 and a beta of 1.63. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. SITE Centers has a 1 year low of $12.58 and a 1 year high of $64.44.

SITE Centers (NYSE:SITC) last posted its earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The firm had revenue of $32.87 million for 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%. As a group, analysts anticipate that SITE Centers will post 3.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SITC. Vanguard Group Inc. grew its position in SITE Centers by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company’s stock worth $111,556,000 after buying an additional 675,190 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of SITE Centers during the 4th quarter valued at about $34,297,000. Invesco Ltd. grew its holdings in shares of SITE Centers by 777.4% during the fourth quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock worth $32,432,000 after purchasing an additional 1,879,351 shares in the last quarter. Rush Island Management LP increased its position in shares of SITE Centers by 161.0% in the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock worth $24,193,000 after purchasing an additional 976,110 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in SITE Centers by 18.4% in the fourth quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company’s stock valued at $21,595,000 after purchasing an additional 219,636 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.