SITE Centers (NYSE:SITC) Hits New 12-Month Low – Time to Sell?

SITE Centers Corp. (NYSE:SITC) hit a new 52-week low during trading 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.

Analysts Set New Price Targets

Several research firms recently weighed in on SITC. StockNews.com cut shares of SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Citigroup lowered their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Wells Fargo & Company reduced their target price on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Piper Sandler cut their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.25.

SITE Centers Trading Down 1.3 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The firm has a 50-day moving average of $14.18 and a 200-day moving average of $20.13. The firm has a market capitalization of $660.88 million, a P/E ratio of 0.92 and a beta of 1.63.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.16 EPS 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 firm had revenue of $32.87 million for the quarter, compared to the consensus estimate of $43.58 million. On average, equities research analysts anticipate that SITE Centers Corp. will post 3.24 EPS for the current fiscal year.

Institutional Investors Weigh In On SITE Centers

Several institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Advisers LP raised its holdings in shares of SITE Centers by 543.6% during the fourth quarter. Two Sigma Advisers LP now owns 73,053 shares of the company’s stock valued at $1,117,000 after acquiring an additional 61,703 shares in the last quarter. Two Sigma Investments LP bought a new position in SITE Centers in the 4th quarter worth $4,340,000. Tidal Investments LLC purchased a new stake in shares of SITE Centers in the 4th quarter worth about $504,000. Rush Island Management LP boosted its stake in shares of SITE Centers by 161.0% during the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock valued at $24,193,000 after purchasing an additional 976,110 shares in the last quarter. Finally, ProShare Advisors LLC increased its position 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 buying an additional 4,405 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

About SITE Centers

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.