SITE Centers (NYSE:SITC) Hits New 1-Year Low – Here’s What Happened

SITE Centers Corp. (NYSE:SITC)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $15.80 and last traded at $16.00, with a volume of 438192 shares. The stock had previously closed at $16.20.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Piper Sandler dropped their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Stifel Nicolaus boosted their price target on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Truist Financial lifted their price objective on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $58.89.

SITE Centers Price Performance

The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The firm has a market cap of $825.77 million, a price-to-earnings ratio of 1.15 and a beta of 1.62. The company has a 50 day moving average of $31.06 and a 200 day moving average of $146.78.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. During the same period in the previous year, the firm earned $1.32 EPS. SITE Centers’s quarterly revenue was down 37.5% compared to the same quarter last year. Equities research analysts predict that SITE Centers Corp. will post 2.9 EPS for the current fiscal year.

Institutional Trading of SITE Centers

Institutional investors have recently modified their holdings of the company. Arizona State Retirement System lifted its stake in SITE Centers by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company’s stock valued at $765,000 after acquiring an additional 976 shares in the last quarter. Vanderbilt University boosted its holdings in SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock worth $179,000 after purchasing an additional 1,126 shares during the last quarter. Louisiana State Employees Retirement System grew its position in SITE Centers by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock valued at $1,315,000 after purchasing an additional 1,500 shares in the last quarter. Van ECK Associates Corp increased its stake in SITE Centers by 6.3% in the 2nd quarter. Van ECK Associates Corp now owns 29,065 shares of the company’s stock valued at $421,000 after buying an additional 1,723 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of SITE Centers by 1.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company’s stock valued at $1,510,000 after acquiring an additional 1,751 shares in the last quarter. 88.70% of the stock is currently 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.