SITE Centers (NYSE:SITC) Reaches New 1-Year Low – Here’s Why

SITE Centers Corp. (NYSE:SITC)’s stock price hit a new 52-week low on Wednesday . The stock traded as low as $14.53 and last traded at $14.61, with a volume of 201472 shares trading hands. The stock had previously closed at $14.78.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. 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 research note on Monday, November 4th. Citigroup decreased their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Wells Fargo & Company cut their target price on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Finally, StockNews.com started coverage on SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating for the company. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.75.

SITE Centers Stock Down 0.6 %

The firm has a market capitalization of $769.93 million, a P/E ratio of 1.07 and a beta of 1.60. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The stock has a 50 day moving average of $15.15 and a 200-day moving average of $41.39.

Insider Activity

In other news, CEO David R. Lukes sold 168,895 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now directly owns 136,008 shares in the company, valued at $2,093,163.12. The trade was a 55.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John M. Cattonar sold 8,794 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The disclosure for this sale can be found here. Insiders have sold a total of 181,457 shares of company stock valued at $2,791,693 over the last quarter. Company insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Two Sigma Advisers LP grew its holdings in shares of SITE Centers by 543.6% during the fourth quarter. Two Sigma Advisers LP now owns 73,053 shares of the company’s stock worth $1,117,000 after purchasing an additional 61,703 shares in the last quarter. Two Sigma Investments LP bought a new stake in SITE Centers during the fourth quarter valued at approximately $4,340,000. Tidal Investments LLC bought a new stake in SITE Centers during the fourth quarter valued at approximately $504,000. Rush Island Management LP grew its stake in SITE Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock worth $24,193,000 after buying an additional 976,110 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of SITE Centers by 44.5% in the 4th quarter. ProShare Advisors LLC now owns 14,307 shares of the company’s stock worth $219,000 after buying an additional 4,405 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.