SITE Centers (NYSE:SITC) Sets New 52-Week Low – Here’s Why

Shares of SITE Centers Corp. (NYSE:SITC) hit a new 52-week low during trading on Monday . The company traded as low as $14.75 and last traded at $14.77, with a volume of 44703 shares trading hands. The stock had previously closed at $15.01.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SITC. StockNews.com assumed coverage on shares of SITE Centers in a report on Wednesday, December 4th. They issued a “hold” rating on the stock. Wells Fargo & Company cut SITE Centers from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Compass Point dropped their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Finally, Citigroup reduced their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, SITE Centers currently has an average rating of “Hold” and a consensus price target of $36.04.

SITE Centers Trading Down 1.5 %

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 business’s 50-day moving average is $15.86 and its 200 day moving average is $99.56. The firm has a market capitalization of $774.92 million, a P/E ratio of 1.08 and a beta of 1.61.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. The business had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm’s quarterly revenue was down 37.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.32 earnings per share. As a group, analysts anticipate that SITE Centers Corp. will post 3.36 EPS for the current fiscal year.

Insider Activity at SITE Centers

In other news, EVP John M. Cattonar sold 8,794 shares of the business’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawn M. Sweeney sold 3,768 shares of the 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 completion of the transaction, the director now directly owns 29,082 shares of the company’s stock, valued at $451,934.28. This trade 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 valued at $2,791,693 over the last quarter. 10.10% of the stock is owned by corporate insiders.

Institutional Trading of SITE Centers

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in shares of SITE Centers by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock worth $39,426,000 after acquiring an additional 31,529 shares during the last quarter. APG Asset Management US Inc. raised its position in shares of SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after acquiring an additional 535,550 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of SITE Centers by 6.8% in the 2nd quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock valued at $12,794,000 after purchasing an additional 56,013 shares during the period. Bank of Montreal Can boosted its position in shares of SITE Centers by 3,017.5% during the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after purchasing an additional 739,174 shares in the last quarter. Finally, Algert Global LLC grew its stake in SITE Centers by 65.0% during the second quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after purchasing an additional 162,260 shares during the period. 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.