SITE Centers (NYSE:SITC) Upgraded by Evercore ISI to “Hold”

Evercore ISI upgraded shares of SITE Centers (NYSE:SITC) to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

A number of other research analysts have also recently commented on the company. Piper Sandler upped their price target on SITE Centers from $16.00 to $18.00 and gave the company an overweight rating in a research report on Wednesday. Wells Fargo & Company increased their price objective on SITE Centers from $15.50 to $16.00 and gave the stock an overweight rating in a report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, SITE Centers has an average rating of Hold and a consensus target price of $15.00.

SITE Centers Trading Down 0.4 %

NYSE SITC opened at $15.40 on Wednesday. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 15.10 and a beta of 1.64. SITE Centers has a 52 week low of $10.88 and a 52 week high of $16.11. The business has a 50 day moving average price of $14.77 and a 200-day moving average price of $14.22. The company has a quick ratio of 3.54, a current ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers’s stock is scheduled to reverse split on Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, August 19th.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.87. The firm had revenue of $113.48 million during the quarter, compared to the consensus estimate of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. As a group, equities analysts expect that SITE Centers will post 0.94 earnings per share for the current fiscal year.

SITE Centers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Tuesday, June 18th were issued a $0.13 dividend. The ex-dividend date was Tuesday, June 18th. This represents a $0.52 annualized dividend and a dividend yield of 3.38%. SITE Centers’s payout ratio is currently 50.98%.

Insider Buying and Selling at SITE Centers

In other SITE Centers news, Director Alexander Otto sold 242,573 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $14.71, for a total value of $3,568,248.83. Following the sale, the director now owns 19,071,327 shares of the company’s stock, valued at approximately $280,539,220.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 1,578,775 shares of company stock valued at $22,785,354 in the last 90 days. Corporate insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Several institutional investors have recently modified their holdings of SITC. Vanguard Group Inc. grew its position in SITE Centers by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock worth $413,531,000 after acquiring an additional 608,996 shares during the last quarter. Long Pond Capital LP grew its position in SITE Centers by 403.8% during the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after acquiring an additional 4,644,142 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in SITE Centers by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,341,667 shares of the company’s stock worth $45,547,000 after acquiring an additional 43,406 shares during the last quarter. Frontier Capital Management Co. LLC grew its position in SITE Centers by 7.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,800,420 shares of the company’s stock worth $38,170,000 after acquiring an additional 196,094 shares during the last quarter. Finally, Norges Bank bought a new position in SITE Centers during the 4th quarter worth approximately $34,740,000. 88.70% of the stock is currently 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.