SITE Centers (NYSE:SITC) Hits New 52-Week Low – Here’s Why

SITE Centers Corp. (NYSE:SITC) shares reached a new 52-week low during trading on Friday . The company traded as low as $12.58 and last traded at $12.62, with a volume of 104690 shares trading hands. The stock had previously closed at $12.77.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wells Fargo & Company reduced their price target on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research note on Wednesday. Piper Sandler decreased their price target on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Citigroup dropped their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $35.25.

SITE Centers Price Performance

The firm has a 50-day moving average of $14.18 and a 200 day moving average of $20.13. The company has a market capitalization of $660.88 million, a PE ratio of 0.92 and a beta of 1.63. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $32.87 million for the quarter, compared to analysts’ expectations of $43.58 million. As a group, research analysts anticipate that SITE Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SITE Centers

Hedge funds have recently added to or reduced their stakes in the stock. Graham Capital Wealth Management LLC bought a new stake in shares of SITE Centers in the fourth quarter worth $2,226,000. Advisors Preferred LLC bought a new stake in shares of SITE Centers during the 4th quarter valued at about $2,517,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of SITE Centers by 19.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock valued at $19,612,000 after purchasing an additional 53,412 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of SITE Centers by 287.1% in the fourth quarter. Assetmark Inc. now owns 89,705 shares of the company’s stock worth $1,372,000 after buying an additional 66,529 shares during the last quarter. Finally, Amundi boosted its stake in shares of SITE Centers by 44.8% during the 4th quarter. Amundi now owns 49,206 shares of the company’s stock worth $736,000 after acquiring an additional 15,227 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.