SITE Centers (NYSE:SITC) Reaches New 52-Week Low - Here's Why

SITE Centers Corp. (NYSE:SITC - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $10.46 and last traded at $10.53, with a volume of 120345 shares traded. The stock had previously closed at $10.85.

Wall Street Analyst Weigh In

SITC has been the topic of several recent analyst reports. Piper Sandler reduced their target price on SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, February 28th. StockNews.com downgraded SITE Centers from a "buy" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company lowered 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, March 26th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $35.25.

SITE Centers Stock Up 1.4 %

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 stock has a market cap of $603.99 million, a price-to-earnings ratio of 0.84 and a beta of 1.30. The business has a fifty day moving average of $13.30 and a 200 day moving average of $15.57.

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SITE Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.07). The business had revenue of $32.87 million for the quarter, compared to the consensus estimate of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. On average, equities analysts predict that SITE Centers Corp. will post 3.24 earnings per share for the current year.

Institutional Trading of SITE Centers

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in SITE Centers by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock worth $111,556,000 after purchasing an additional 675,190 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of SITE Centers in the fourth quarter worth $34,297,000. Invesco Ltd. lifted its stake in shares of SITE Centers by 777.4% in the fourth quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock worth $32,432,000 after buying an additional 1,879,351 shares during the last quarter. Rush Island Management LP grew its stake 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 valued at $24,193,000 after buying an additional 976,110 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings 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 acquiring an additional 219,636 shares during the period. 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.