SITE Centers (NYSE:SITC) Sets New 1-Year Low on Insider Selling

SITE Centers Corp. (NYSE:SITC) reached a new 52-week low during mid-day trading on Wednesday following insider selling activity. The company traded as low as $15.21 and last traded at $15.32, with a volume of 1083445 shares traded. The stock had previously closed at $15.42.

Specifically, Director Dawn M. Sweeney sold 3,768 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.54, for a total value of $58,554.72. Following the sale, the director now directly owns 29,082 shares in the company, valued at $451,934.28. This represents a 11.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David R. Lukes sold 168,895 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now 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 position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

SITC has been the topic of a number of analyst reports. 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 research note on Monday, December 9th. Truist Financial upped their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Piper Sandler lowered their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. StockNews.com assumed coverage on SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating on the stock. Finally, Stifel Nicolaus raised their target price on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Nine investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.04.

SITE Centers Trading Down 1.0 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The business has a 50 day moving average of $16.11 and a two-hundred day moving average of $111.16. The firm has a market capitalization of $800.61 million, a price-to-earnings ratio of 1.12 and a beta of 1.61.

SITE Centers (NYSE:SITC) last issued its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping 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 company had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. During the same period in the prior year, the firm earned $1.32 earnings per share. SITE Centers’s revenue for the quarter was down 37.5% on a year-over-year basis. Equities analysts predict that SITE Centers Corp. will post 3.36 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. World Investment Advisors LLC bought a new stake in shares of SITE Centers during the third quarter worth about $622,000. Virtu Financial LLC bought a new stake in SITE Centers during the 3rd quarter worth approximately $2,399,000. Neo Ivy Capital Management purchased a new stake in shares of SITE Centers in the third quarter worth approximately $202,000. Vestcor Inc bought a new position in shares of SITE Centers in the third quarter valued at approximately $95,000. Finally, Jane Street Group LLC lifted its holdings in shares of SITE Centers by 3.3% in the third quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock valued at $11,085,000 after purchasing an additional 5,779 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

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.