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

SITE Centers Corp. (NYSE:SITC) shares reached a new 52-week low on Monday . The company traded as low as $14.55 and last traded at $14.86, with a volume of 54675 shares. The stock had previously closed at $14.98.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SITC. Piper Sandler lowered their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. StockNews.com initiated coverage on SITE Centers in a research note on Wednesday, December 4th. They set a “hold” rating for the company. Compass Point decreased their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Citigroup decreased their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.75.

SITE Centers Price Performance

The company has a market capitalization of $777.17 million, a P/E ratio of 1.08 and a beta of 1.60. The stock’s fifty day simple moving average is $15.31 and its 200-day simple moving average is $61.12. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

Insider Activity at SITE Centers

In other news, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total value of $133,844.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the transaction, the director now owns 29,082 shares of the company’s stock, valued at approximately $451,934.28. This represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 181,457 shares of company stock worth $2,791,693 in the last ninety days. 10.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SITE Centers

Large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its stake in shares of SITE Centers by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company’s stock valued at $1,510,000 after purchasing an additional 1,751 shares during the last quarter. SG Americas Securities LLC lifted its holdings in SITE Centers by 115.1% during the 3rd quarter. SG Americas Securities LLC now owns 16,318 shares of the company’s stock worth $987,000 after buying an additional 8,731 shares in the last quarter. AlphaMark Advisors LLC bought a new position in SITE Centers in the 3rd quarter valued at $319,000. Blue Trust Inc. increased its stake in shares of SITE Centers by 508.3% in the 3rd quarter. Blue Trust Inc. now owns 6,381 shares of the company’s stock valued at $386,000 after buying an additional 5,332 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of SITE Centers during the third quarter worth $355,000. 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.