SITE Centers (NYSE:SITC) Sets New 52-Week Low – Here’s Why

Shares of SITE Centers Corp. (NYSE:SITC) hit a new 52-week low during mid-day trading on Wednesday . The stock 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

Several research firms have recently weighed in on SITC. Wells Fargo & Company reduced their target price on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Citigroup lowered their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Piper Sandler reduced their price target 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. 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 research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $35.61.

SITE Centers Stock Up 0.3 %

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 is $14.47 and its 200 day moving average is $21.82. The firm has a market capitalization of $666.39 million, a PE ratio of 0.93 and a beta of 1.63.

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

Insider Transactions at SITE Centers

In other news, EVP John M. Cattonar sold 8,794 shares of SITE Centers stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

Institutional investors and hedge funds have recently modified their holdings of the company. Graham Capital Wealth Management LLC acquired a new stake in shares of SITE Centers during the fourth quarter worth $2,226,000. Advisors Preferred LLC purchased a new position in SITE Centers during the fourth quarter worth approximately $2,517,000. Meeder Asset Management Inc. acquired a new position in shares of SITE Centers in the 3rd quarter valued at $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of SITE Centers by 19.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock worth $19,612,000 after buying an additional 53,412 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in shares of SITE Centers by 287.1% in the 4th quarter. Assetmark Inc. now owns 89,705 shares of the company’s stock valued at $1,372,000 after purchasing an additional 66,529 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.