SITE Centers (NYSE:SITC) Reaches New 1-Year Low – Time to Sell?

SITE Centers Corp. (NYSE:SITC) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $11.87 and last traded at $12.09, with a volume of 83217 shares trading hands. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

SITC has been the subject of a number of recent research reports. Piper Sandler cut their price target on 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 target 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. Wells Fargo & Company decreased their price objective on shares of SITE Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. Finally, StockNews.com downgraded shares of SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $35.25.

SITE Centers Stock Down 3.3 %

The business has a 50 day moving average price of $13.83 and a 200 day moving average price of $18.20. The firm has a market capitalization of $612.64 million, a P/E ratio of 0.85 and a beta of 1.30. 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 posted its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.07). The company had revenue of $32.87 million during the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. On average, analysts predict that SITE Centers Corp. will post 3.24 earnings per share for the current year.

Hedge Funds Weigh In On SITE Centers

Several large investors have recently added to or reduced their stakes in SITC. Pacer Advisors Inc. bought a new position in shares of SITE Centers during the 4th quarter worth about $34,297,000. Invesco Ltd. lifted its stake in SITE Centers by 777.4% during the fourth quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock worth $32,432,000 after purchasing an additional 1,879,351 shares during the period. Rush Island Management LP boosted its holdings in SITE Centers by 161.0% during the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after purchasing an additional 976,110 shares in the last quarter. Man Group plc grew its stake in shares of SITE Centers by 1,126.0% in the 4th quarter. Man Group plc now owns 771,623 shares of the company’s stock valued at $11,798,000 after purchasing an additional 708,685 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of SITE Centers by 3,701.4% in the 4th quarter. AQR Capital Management LLC now owns 727,672 shares of the company’s stock worth $11,126,000 after buying an additional 708,530 shares in the last quarter. 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.