Wells Fargo Upgrades SITE Centers

Fintel reports that on September 20, 2023, Wells Fargo upgraded their outlook for SITE Centers (NYSE:SITC) from Equal-Weight to Overweight.

Analyst Price Forecast Suggests 16.96% Upside

As of August 31, 2023, the average one-year price target for SITE Centers is 15.61. The forecasts range from a low of 13.13 to a high of $22.05. The average price target represents an increase of 16.96% from its latest reported closing price of 13.35.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for SITE Centers is 567MM, a decrease of 2.43%. The projected annual non-GAAP EPS is 0.30.

What is the Fund Sentiment?

There are 539 funds or institutions reporting positions in SITE Centers. This is a decrease of 14 owner(s) or 2.53% in the last quarter. Average portfolio weight of all funds dedicated to SITC is 0.18%, an increase of 1.34%. Total shares owned by institutions increased in the last three months by 1.36% to 210,875K shares. The put/call ratio of SITC is 0.06, indicating a bullish outlook.

What are Other Shareholders Doing?

Jpmorgan Chase holds 18,091K shares representing 8.64% ownership of the company. In it’s prior filing, the firm reported owning 11,032K shares, representing an increase of 39.02%. The firm increased its portfolio allocation in SITC by 1,154.19% over the last quarter.

IJR – iShares Core S&P Small-Cap ETF holds 10,042K shares representing 4.80% ownership of the company. In it’s prior filing, the firm reported owning 9,273K shares, representing an increase of 7.66%. The firm increased its portfolio allocation in SITC by 12.90% over the last quarter.

VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 8,406K shares representing 4.02% ownership of the company. In it’s prior filing, the firm reported owning 8,592K shares, representing a decrease of 2.21%. The firm decreased its portfolio allocation in SITC by 1.99% over the last quarter.

PGGM Investments holds 6,161K shares representing 2.94% ownership of the company. In it’s prior filing, the firm reported owning 7,952K shares, representing a decrease of 29.07%. The firm decreased its portfolio allocation in SITC by 19.61% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 5,562K shares representing 2.66% ownership of the company. In it’s prior filing, the firm reported owning 1,395K shares, representing an increase of 74.92%. The firm decreased its portfolio allocation in SITC by 64.47% over the last quarter.

SITE Centers Background Information
(This description is provided by the company.)

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. A

This article originally appeared on Fintel