SITE Centers (NYSE:SITC) Hits New 12-Month Low - Here's Why

SITE Centers Corp. (NYSE:SITC - Get Free Report) reached a new 52-week low on Wednesday . The company traded as low as $13.28 and last traded at $13.29, with a volume of 13902 shares. The stock had previously closed at $13.44.

Analyst Upgrades and Downgrades

SITC has been the topic of a number of research reports. Wells Fargo & Company decreased their target price on shares of SITE Centers from $17.50 to $17.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Piper Sandler cut their price target on shares of SITE Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. StockNews.com lowered shares of SITE Centers from a "buy" rating to a "hold" rating in a report on Wednesday. Finally, Citigroup cut their price target on shares of SITE Centers from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Monday, December 9th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, SITE Centers currently has an average rating of "Hold" and a consensus target price of $35.61.

SITE Centers Trading Up 1.5 %

The firm has a market cap of $694.96 million, a price-to-earnings ratio of 0.97 and a beta of 1.66. 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 firm's fifty day moving average is $14.80 and its 200-day moving average is $24.19.

Remove Ads

SITE Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $43.58 million. Equities analysts anticipate that SITE Centers Corp. will post 3.24 earnings per share for the current year.

Insider Activity

In other news, Director Dawn M. Sweeney sold 3,768 shares of the company's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.54, for a total transaction of $58,554.72. Following the transaction, the director now owns 29,082 shares in the company, valued at approximately $451,934.28. This represents a 11.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David R. Lukes sold 168,895 shares of the business's stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the sale, the chief executive officer now directly owns 136,008 shares of the company's stock, valued at approximately $2,093,163.12. The trade was a 55.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 181,457 shares of company stock worth $2,791,693. Company insiders own 10.10% of the company's stock.

Institutional Investors Weigh In On SITE Centers

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of SITE Centers by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock worth $111,556,000 after acquiring an additional 675,190 shares in the last quarter. Pacer Advisors Inc. bought a new stake in SITE Centers in the 4th quarter worth about $34,297,000. Invesco Ltd. grew its position in SITE Centers by 777.4% in the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock worth $32,432,000 after purchasing an additional 1,879,351 shares in the last quarter. Rush Island Management LP grew its position in SITE Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock worth $24,193,000 after purchasing an additional 976,110 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in SITE Centers by 18.4% in the 4th quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company's stock worth $21,595,000 after purchasing an additional 219,636 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

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.