SITE Centers (NYSE:SITC) Sets New 12-Month Low – Here’s What Happened

Shares of SITE Centers Corp. (NYSE:SITC) hit a new 52-week low on Wednesday . The stock traded as low as $10.46 and last traded at $10.53, with a volume of 120345 shares traded. The stock had previously closed at $10.85.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company dropped 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, March 26th. Finally, Piper Sandler decreased their price target on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $35.25.

SITE Centers Price Performance

The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock’s 50 day moving average price is $13.58 and its two-hundred day moving average price is $16.91. The stock has a market cap of $613.96 million, a price-to-earnings ratio of 0.85 and a beta of 1.30.

SITE Centers (NYSE:SITC) last released 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 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. Equities research analysts forecast that SITE Centers Corp. will post 3.24 EPS for the current fiscal year.

Hedge Funds Weigh In On SITE Centers

Several large investors have recently made changes to their positions in SITC. Quantinno Capital Management LP purchased a new stake in shares of SITE Centers during the 3rd quarter worth about $244,000. Jane Street Group LLC lifted its position in shares of SITE Centers by 3.3% during the 3rd quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock valued at $11,085,000 after buying an additional 5,779 shares in the last quarter. Vestcor Inc purchased a new stake in SITE Centers in the 3rd quarter worth $95,000. Neo Ivy Capital Management acquired a new position in SITE Centers during the third quarter worth $202,000. Finally, Virtu Financial LLC acquired a new stake in shares of SITE Centers in the third quarter valued at about $2,399,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.