SITE Centers (NYSE:SITC) Reaches New 12-Month Low – Should You Sell?

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SITC shares. Wells Fargo & Company cut their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Citigroup cut their price target on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. StockNews.com began coverage on SITE Centers in a report on Wednesday, December 4th. They issued a “hold” rating on the stock. Finally, Piper Sandler dropped their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $35.75.

SITE Centers Trading Down 0.6 %

The firm has a market cap of $769.93 million, a PE ratio of 1.07 and a beta of 1.60. The firm has a fifty day simple moving average of $15.15 and a two-hundred day simple moving average of $41.39. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

Insider Buying and Selling

In related news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the transaction, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the sale, the director now directly owns 29,082 shares in the company, valued at approximately $451,934.28. The trade was a 11.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,457 shares of company stock valued at $2,791,693 over the last quarter. 10.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On SITE Centers

A number of institutional investors have recently added to or reduced their stakes in SITC. KBC Group NV grew its position in shares of SITE Centers by 170.4% in the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after buying an additional 2,193 shares during the period. Covestor Ltd grew its holdings in SITE Centers by 483.2% in the fourth quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after purchasing an additional 3,112 shares during the period. Vestcor Inc bought a new position in shares of SITE Centers during the third quarter valued at approximately $95,000. Van ECK Associates Corp increased its stake in shares of SITE Centers by 10.2% during 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 shares of SITE Centers during the fourth quarter valued at approximately $148,000. Institutional investors 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.