SITE Centers (NYSE:SITC) Hits New 52-Week Low – Time to Sell?

SITE Centers Corp. (NYSE:SITC) hit a new 52-week low on Wednesday . The stock traded as low as $12.58 and last traded at $12.70, with a volume of 52780 shares. The stock had previously closed at $12.67.

Analysts Set New Price Targets

A number of research firms have issued reports on SITC. Piper Sandler reduced their price target on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. StockNews.com cut shares of SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Finally, Citigroup reduced their price objective 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 investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.61.

SITE Centers Trading Down 0.4 %

The business has a 50-day moving average of $14.39 and a 200-day moving average of $21.69. The stock has a market capitalization of $671.10 million, a price-to-earnings ratio of 0.94 and a beta of 1.63. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The business had revenue of $32.87 million during the quarter, compared to analysts’ expectations of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. As a group, research analysts forecast that SITE Centers Corp. will post 3.24 EPS for the current year.

Insider Activity

In related news, EVP John M. Cattonar sold 8,794 shares of SITE Centers stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On SITE Centers

Large investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its holdings in shares of SITE Centers by 3.0% in the fourth quarter. Illinois Municipal Retirement Fund now owns 25,206 shares of the company’s stock valued at $385,000 after purchasing an additional 730 shares in the last quarter. Van ECK Associates Corp lifted its stake in SITE Centers by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after buying an additional 833 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in SITE Centers by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,032 shares of the company’s stock valued at $413,000 after buying an additional 1,011 shares during the last quarter. Deutsche Bank AG increased its position in SITE Centers by 1.9% during the fourth quarter. Deutsche Bank AG now owns 63,704 shares of the company’s stock worth $974,000 after buying an additional 1,195 shares in the last quarter. Finally, Vestcor Inc purchased a new position in SITE Centers during the third quarter worth $95,000. 88.70% of the stock is owned by institutional investors and hedge funds.

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.