Wells Fargo & Company Raises SITE Centers (NYSE:SITC) Price Target to $68.00

SITE Centers (NYSE:SITC) had its price objective increased by Wells Fargo & Company from $64.00 to $68.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also issued reports on the company. Piper Sandler lifted their price target on SITE Centers from $256.00 to $288.00 and gave the stock an overweight rating in a research note on Wednesday, July 31st. Evercore ISI raised SITE Centers to a hold rating in a research note on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, SITE Centers presently has a consensus rating of Hold and a consensus price target of $147.50.

SITE Centers Stock Up 0.2 %

Shares of NYSE SITC opened at $60.35 on Wednesday. The company has a current ratio of 7.36, a quick ratio of 3.54 and a debt-to-equity ratio of 0.70. The business has a 50-day moving average of $204.96 and a 200-day moving average of $218.27. The firm has a market capitalization of $12.65 billion, a price-to-earnings ratio of 59.17 and a beta of 1.64. SITE Centers has a 12 month low of $43.52 and a 12 month high of $64.44.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. The business had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The business’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.64 EPS. Sell-side analysts expect that SITE Centers will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Alexander Otto sold 22,348 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $230.24, for a total value of $5,145,403.52. Following the transaction, the director now owns 1,036,436 shares in the company, valued at $238,629,024.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 98,670 shares of company stock worth $22,784,560 in the last ninety days. 10.10% of the stock is owned by insiders.

Institutional Investors Weigh In On SITE Centers

A number of large investors have recently added to or reduced their stakes in the company. Chilton Capital Management LLC raised its stake in shares of SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after acquiring an additional 1,536 shares during the last quarter. GAMMA Investing LLC bought a new position in SITE Centers during the 4th quarter valued at approximately $30,000. Allspring Global Investments Holdings LLC purchased a new stake in SITE Centers in the 2nd quarter worth approximately $42,000. Quarry LP grew its position in shares of SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after buying an additional 2,857 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new position in shares of SITE Centers during the first quarter valued at approximately $147,000. Institutional investors own 88.70% of the company’s stock.

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.