SITE Centers (NYSE:SITC) Hits New 12-Month Low – Here’s Why

SITE Centers Corp. (NYSE:SITC)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $15.93 and last traded at $16.43, with a volume of 243947 shares. The stock had previously closed at $17.11.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SITC shares. StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Wells Fargo & Company cut SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Morgan Stanley lifted their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Stifel Nicolaus increased their target price on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Truist Financial lifted their price target on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Nine 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 company currently has an average rating of “Hold” and a consensus price target of $97.18.

SITE Centers Stock Performance

The stock’s 50 day moving average is $39.84 and its two-hundred day moving average is $160.80. The stock has a market capitalization of $835.37 million, a price-to-earnings ratio of 1.88 and a beta of 1.64. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 earnings per share for the quarter, topping the consensus estimate of $3.84 by $13.92. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. The company had revenue of $113.48 million during the quarter, compared to analysts’ expectations of $113.23 million. During the same period in the prior year, the firm earned $4.64 earnings per share. SITE Centers’s revenue for the quarter was down 16.5% compared to the same quarter last year. Analysts expect that SITE Centers Corp. will post 3.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

Large investors have recently bought and sold shares of the company. Chilton Capital Management LLC boosted its stake in shares of SITE Centers by 384.0% during the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after buying an additional 1,536 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in SITE Centers during the second quarter valued at approximately $42,000. Quarry LP boosted its position in SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new position in SITE Centers in the first quarter valued at approximately $147,000. Finally, Diversified Trust Co acquired a new position in shares of SITE Centers during the 2nd quarter worth approximately $152,000. 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.