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

SITE Centers Corp. (NYSE:SITC) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $13.28 and last traded at $13.29, with a volume of 13902 shares traded. The stock had previously closed at $13.44.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. StockNews.com lowered SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday. Piper Sandler reduced their price objective on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. 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, Wells Fargo & Company cut their price target on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.61.

SITE Centers Stock Performance

The firm’s fifty day moving average is $14.92 and its 200 day moving average is $25.20. The firm has a market capitalization of $688.67 million, a price-to-earnings ratio of 0.96 and a beta of 1.63. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

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

Insiders Place Their Bets

In related news, CEO David R. Lukes sold 168,895 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 136,008 shares in the company, valued at approximately $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The disclosure for this sale can be found here. Insiders have sold a total of 181,457 shares of company stock valued at $2,791,693 in the last three months. Insiders own 10.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vestcor Inc acquired a new stake in SITE Centers in the 3rd quarter worth approximately $95,000. Neo Ivy Capital Management acquired a new stake in shares of SITE Centers in the third quarter worth $202,000. Systematic Financial Management LP bought a new stake in shares of SITE Centers during the 3rd quarter worth $203,000. KBC Group NV grew its stake in SITE Centers by 170.4% in the 4th 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 during the last quarter. Finally, Covestor Ltd raised its holdings in SITE Centers by 483.2% in 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 during the period. Institutional investors and hedge funds 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.