SITE Centers (NYSE:SITC) Reaches New 12-Month Low – What’s Next?

SITE Centers Corp. (NYSE:SITC) shares hit 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

A number of research firms have recently weighed in on SITC. Stifel Nicolaus lifted their price objective on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research report on Thursday, September 19th. Wells Fargo & Company downgraded shares of SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. 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 research note on Monday, December 9th. Compass Point lowered their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Finally, Morgan Stanley increased their price target on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. 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 currently has an average rating of “Hold” and a consensus price target of $36.04.

SITE Centers Trading Down 1.3 %

The stock has a market cap of $773.87 million, a PE ratio of 1.08 and a beta of 1.61. The stock has a 50-day moving average price of $15.54 and a two-hundred day moving average price of $85.39. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm’s revenue was down 37.5% on a year-over-year basis. During the same quarter last year, the business posted $1.32 earnings per share. Sell-side analysts forecast that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

Insider Buying and Selling at SITE Centers

In related news, EVP John M. Cattonar sold 8,794 shares of the firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction 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 completion of the sale, the director now owns 29,082 shares in the company, valued at approximately $451,934.28. The trade was a 11.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,457 shares of company stock worth $2,791,693 over the last quarter. Insiders own 10.10% of the company’s stock.

Hedge Funds Weigh In On SITE Centers

A number of large investors have recently bought and sold shares of the business. Arizona State Retirement System raised its position in shares of SITE Centers by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock worth $765,000 after acquiring an additional 976 shares in the last quarter. Vestcor Inc bought a new position in SITE Centers in the third quarter worth about $95,000. The Manufacturers Life Insurance Company lifted its position in shares of SITE Centers by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company’s stock valued at $1,510,000 after buying an additional 1,751 shares during the last quarter. Quarry LP boosted its holdings in shares of SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after buying an additional 2,857 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of SITE Centers in the 3rd quarter worth approximately $202,000. 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.