SITE Centers (NYSE:SITC) Sets New 1-Year Low – What’s Next?

SITE Centers Corp. (NYSE:SITC) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $12.58 and last traded at $12.70, with a volume of 52780 shares. The stock had previously closed at $12.67.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SITC shares. StockNews.com cut SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Citigroup decreased their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Wells Fargo & Company lowered their target price on shares of 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, Piper Sandler reduced their target price on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and an average price target of $35.61.

SITE Centers Stock Performance

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 firm’s 50-day moving average price is $14.47 and its two-hundred day moving average price is $21.82. The stock has a market cap of $666.39 million, a price-to-earnings ratio of 0.93 and a beta of 1.63.

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

Insider Buying and Selling at SITE Centers

In other SITE Centers news, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On SITE Centers

Several institutional investors have recently modified their holdings of SITC. KBC Group NV raised its stake in SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after buying an additional 2,193 shares in the last quarter. Covestor Ltd raised its position in shares of SITE Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after acquiring an additional 3,112 shares in the last quarter. Vestcor Inc acquired a new position in SITE Centers in the third quarter valued at approximately $95,000. Van ECK Associates Corp boosted its holdings in SITE Centers by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after purchasing an additional 833 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in SITE Centers in the fourth quarter valued at approximately $148,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

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.