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

SITE Centers Corp. (NYSE:SITC)’s stock price hit a new 52-week low on Friday . The stock traded as low as $12.58 and last traded at $12.62, with a volume of 104690 shares traded. The stock had previously closed at $12.77.

Wall Street Analyst Weigh In

Several research analysts recently commented on SITC shares. Piper Sandler reduced their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company decreased their target price on shares of SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Wednesday. 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 note on Monday, December 9th. Finally, StockNews.com lowered 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 issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $35.25.

SITE Centers Stock Down 1.1 %

The firm has a market capitalization of $662.45 million, a price-to-earnings ratio of 0.92 and a beta of 1.63. The firm has a fifty day moving average price of $14.12 and a 200 day moving average price of $19.56. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last announced its earnings results 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). The business had revenue of $32.87 million during the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. Sell-side analysts anticipate that SITE Centers Corp. will post 3.24 EPS for the current fiscal year.

Institutional Trading of SITE Centers

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vestcor Inc bought a new stake in shares of SITE Centers during the third quarter worth approximately $95,000. Neo Ivy Capital Management acquired a new position in shares of SITE Centers in the 3rd quarter valued at $202,000. Systematic Financial Management LP bought a new position in shares of SITE Centers in the 3rd quarter worth $203,000. KBC Group NV grew its stake in shares of SITE Centers by 170.4% during the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after purchasing an additional 2,193 shares during the period. Finally, Covestor Ltd increased its holdings in SITE Centers by 483.2% in the fourth quarter. Covestor Ltd now owns 3,756 shares of the company’s stock valued at $57,000 after purchasing an additional 3,112 shares during the last quarter. 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.