SITE Centers (NYSE:SITC) Sets New 52-Week Low Following Analyst Downgrade

SITE Centers Corp. (NYSE:SITC - Get Free Report) shares reached a new 52-week low on Tuesday after Piper Sandler lowered their price target on the stock from $23.00 to $20.00. Piper Sandler currently has an overweight rating on the stock. SITE Centers traded as low as $15.88 and last traded at $15.98, with a volume of 290877 shares traded. The stock had previously closed at $16.16.

Several other analysts also recently issued reports on the stock. Evercore ISI raised shares of SITE Centers to a "hold" rating in a research note on Wednesday, July 31st. Stifel Nicolaus upped their price target on SITE Centers from $65.00 to $65.25 and gave the company a "buy" rating in a research report on Thursday, September 19th. KeyCorp restated a "sector weight" rating on shares of SITE Centers in a research report on Monday, October 7th. StockNews.com raised shares of SITE Centers from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Wells Fargo & Company downgraded shares of SITE Centers from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $58.89.

Institutional Investors Weigh In On SITE Centers

Institutional investors and hedge funds have recently modified their holdings of the business. Chilton Capital Management LLC lifted its holdings in SITE Centers by 384.0% in the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company's stock worth $28,000 after purchasing an additional 1,536 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in SITE Centers in the 2nd quarter valued at $42,000. Quarry LP raised its holdings in SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company's stock worth $50,000 after acquiring an additional 2,857 shares during the period. O Shaughnessy Asset Management LLC acquired a new stake in SITE Centers in the 1st quarter valued at approximately $147,000. Finally, Diversified Trust Co acquired a new position in SITE Centers during the 2nd quarter valued at $152,000. Institutional investors and hedge funds own 88.70% of the company's stock.

SITE Centers Trading Down 1.5 %

The business has a 50-day moving average of $38.03 and a two-hundred day moving average of $157.19. 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 firm has a market capitalization of $834.69 million, a price-to-earnings ratio of 1.16 and a beta of 1.62.

SITE Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. During the same quarter in the previous year, the firm earned $1.32 EPS. SITE Centers's quarterly revenue was down 37.5% on a year-over-year basis. Research analysts predict that SITE Centers Corp. will post 3.36 EPS for the current fiscal year.

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.