SITE Centers (NYSE:SITC) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of SITE Centers (NYSE:SITC) from a hold rating to a buy rating in a report released on Tuesday morning.

A number of other research analysts also recently commented on SITC. Wells Fargo & Company decreased their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Piper Sandler reduced their target price on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, Citigroup reduced their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, SITE Centers presently has an average rating of “Hold” and an average price target of $35.75.

SITE Centers Stock Performance

Shares of SITC opened at $14.57 on Tuesday. The firm has a 50-day moving average of $15.06 and a 200-day moving average of $33.33. SITE Centers has a one year low of $14.47 and a one year high of $32.22. The company has a market cap of $764.06 million, a PE ratio of 1.07 and a beta of 1.60. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

Insiders Place Their Bets

In other SITE Centers news, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the completion of the sale, the director now owns 29,082 shares in the company, valued at $451,934.28. The trade was a 11.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the sale, the chief executive officer now owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 181,457 shares of company stock worth $2,791,693 in the last quarter. 10.10% of the stock is currently owned by corporate insiders.

Institutional Trading of SITE Centers

Several hedge funds and other institutional investors have recently bought and sold shares of SITC. Los Angeles Capital Management LLC acquired a new stake in SITE Centers in the 3rd quarter worth about $355,000. GSA Capital Partners LLP acquired a new position in shares of SITE Centers in the 3rd quarter valued at approximately $617,000. Quest Partners LLC raised its position in shares of SITE Centers by 1,046.5% in the 3rd quarter. Quest Partners LLC now owns 30,394 shares of the company’s stock valued at $1,839,000 after buying an additional 27,743 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of SITE Centers in the 3rd quarter valued at approximately $2,596,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of SITE Centers in the 3rd quarter valued at approximately $319,000. Institutional investors and hedge funds 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.