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

SITE Centers Corp. (NYSE:SITC - Get Free Report)'s stock price reached a new 52-week low during trading on Friday . The company traded as low as $14.62 and last traded at $14.62, with a volume of 48749 shares traded. The stock had previously closed at $14.95.

Wall Street Analyst Weigh In

SITC has been the subject of several recent research reports. KeyCorp reissued a "sector weight" rating on shares of SITE Centers in a research report on Monday, October 7th. Wells Fargo & Company downgraded SITE Centers from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Piper Sandler decreased their target price on SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. 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 report on Monday, December 9th. Finally, 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. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $36.04.

SITE Centers Stock 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 has a 50 day moving average price of $15.54 and a two-hundred day moving average price of $86.36. The company has a market cap of $773.87 million, a P/E ratio of 1.08 and a beta of 1.61.

SITE Centers (NYSE:SITC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $104.55 million. During the same quarter in the previous year, the firm earned $1.32 earnings per share. SITE Centers's revenue for the quarter was down 37.5% compared to the same quarter last year. On average, research analysts predict that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

Insider Activity at SITE Centers

In other SITE Centers news, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John M. Cattonar sold 8,794 shares of the firm's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. Insiders sold 181,457 shares of company stock worth $2,791,693 over the last three months. Company insiders own 10.10% of the company's stock.

Institutional Investors Weigh In On SITE Centers

Institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new position in SITE Centers during the 3rd quarter worth $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in SITE Centers by 19.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company's stock worth $19,612,000 after purchasing an additional 53,412 shares in the last quarter. Soros Fund Management LLC bought a new position in shares of SITE Centers during the 3rd quarter worth approximately $3,025,000. CWA Asset Management Group LLC purchased a new position in shares of SITE Centers in the 4th quarter worth approximately $606,000. Finally, Jane Street Group LLC boosted its position in SITE Centers by 3.3% in the third quarter. Jane Street Group LLC now owns 183,217 shares of the company's stock worth $11,085,000 after purchasing an additional 5,779 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

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.