Morgan Stanley Increases SITE Centers (NYSE:SITC) Price Target to $57.00

SITE Centers (NYSE:SITC) had its price objective boosted by investment analysts at Morgan Stanley from $56.00 to $57.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 234.11% from the company’s previous close.

Several other research firms have also issued reports on SITC. Truist Financial lifted their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Wells Fargo & Company lifted their price objective on shares of SITE Centers from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. Stifel Nicolaus boosted their target price on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Evercore ISI upgraded SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Finally, StockNews.com initiated coverage on shares of SITE Centers in a research report on Sunday. They issued a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $118.71.

SITE Centers Trading Down 71.8 %

SITE Centers stock opened at $17.06 on Monday. The company’s fifty day simple moving average is $125.76 and its 200-day simple moving average is $192.34. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70. SITE Centers has a 12 month low of $16.93 and a 12 month high of $64.44. The stock has a market cap of $3.57 billion, a P/E ratio of 16.73 and a beta of 1.64.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $113.23 million. During the same period in the previous year, the company posted $4.64 EPS. SITE Centers’s revenue was down 16.5% on a year-over-year basis. As a group, sell-side analysts forecast that SITE Centers will post 3.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Roumell Asset Management LLC bought a new position in SITE Centers during the fourth quarter worth $1,499,000. Frontier Capital Management Co. LLC increased its holdings in shares of 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 purchasing an additional 196,094 shares during the period. Vanguard Group Inc. raised its position in shares of SITE Centers by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock valued at $413,531,000 after buying an additional 608,996 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of SITE Centers in the fourth quarter valued at about $526,000. Finally, Pensionfund DSM Netherlands lifted its stake in shares of SITE Centers by 50.0% in the first quarter. Pensionfund DSM Netherlands now owns 30,000 shares of the company’s stock valued at $440,000 after buying an additional 10,000 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.