SITE Centers (NYSE:SITC) Reaches New 12-Month Low – Here’s Why

SITE Centers Corp. (NYSE:SITC) reached a new 52-week low during trading on Thursday . The company traded as low as $11.87 and last traded at $12.09, with a volume of 83217 shares trading hands. The stock had previously closed at $12.88.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of SITE Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. Piper Sandler decreased their price objective 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. Citigroup dropped their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Finally, StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and a consensus target price of $35.25.

SITE Centers Price Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The stock has a market cap of $632.04 million, a price-to-earnings ratio of 0.88 and a beta of 1.63. The company’s 50 day moving average is $13.97 and its 200 day moving average is $18.59.

SITE Centers (NYSE:SITC) last announced its quarterly 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 firm had revenue of $32.87 million during the quarter, compared to analysts’ expectations of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. Research analysts forecast that SITE Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Institutional Trading of SITE Centers

A number of hedge funds have recently bought and sold shares of the company. Two Sigma Advisers LP raised its holdings in shares of SITE Centers by 543.6% in the 4th quarter. Two Sigma Advisers LP now owns 73,053 shares of the company’s stock worth $1,117,000 after purchasing an additional 61,703 shares during the period. Two Sigma Investments LP acquired a new position in SITE Centers during the 4th quarter worth approximately $4,340,000. Tidal Investments LLC purchased a new position in SITE Centers in the 4th quarter worth approximately $504,000. Rush Island Management LP grew its position in SITE Centers by 161.0% in the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after acquiring an additional 976,110 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of SITE Centers by 44.5% during the fourth quarter. ProShare Advisors LLC now owns 14,307 shares of the company’s stock valued at $219,000 after purchasing an additional 4,405 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.