SITE Centers (NYSE:SITC) Sets New 52-Week High at $16.11

SITE Centers Corp. (NYSE:SITC)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $16.11 and last traded at $16.02, with a volume of 2926961 shares traded. The stock had previously closed at $15.60.

Analysts Set New Price Targets

Separately, Wells Fargo & Company increased their price objective on SITE Centers from $15.50 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.33.

SITE Centers Trading Up 2.6 %

The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.54 and a current ratio of 3.54. The stock has a market capitalization of $3.35 billion, a P/E ratio of 15.29 and a beta of 1.64. The stock has a 50-day moving average price of $14.66 and a two-hundred day moving average price of $14.18.

SITE Centers shares are going to reverse split on Monday, August 19th. The 1-4 reverse split was announced on Monday, August 19th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, August 19th.

SITE Centers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Tuesday, June 18th were given a $0.13 dividend. The ex-dividend date was Tuesday, June 18th. This represents a $0.52 annualized dividend and a dividend yield of 3.25%. SITE Centers’s dividend payout ratio is 50.98%.

Insider Activity at SITE Centers

In related news, Director Alexander Otto sold 91,778 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $14.56, for a total value of $1,336,287.68. Following the completion of the transaction, the director now directly owns 19,522,976 shares of the company’s stock, valued at $284,254,530.56. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 1,578,775 shares of company stock worth $22,785,354 over the last 90 days. 10.10% of the stock is owned by company insiders.

Institutional Trading of SITE Centers

Several hedge funds and other institutional investors have recently made changes to their positions in SITC. Norges Bank bought a new position in shares of SITE Centers during the fourth quarter valued at $34,740,000. Dynamic Technology Lab Private Ltd bought a new stake in SITE Centers during the 4th quarter valued at about $792,000. Vanguard Group Inc. raised its holdings in SITE Centers by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock worth $413,531,000 after buying an additional 608,996 shares during the last quarter. Assetmark Inc. raised its holdings in SITE Centers by 3.5% in the fourth quarter. Assetmark Inc. now owns 86,650 shares of the company’s stock worth $1,181,000 after buying an additional 2,958 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of SITE Centers in the fourth quarter worth approximately $1,228,000. 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.