SITE Centers (NYSE:SITC) Hits New 12-Month Low – Here’s Why

SITE Centers Corp. (NYSE:SITC) hit a new 52-week low on Wednesday . The stock traded as low as $14.53 and last traded at $14.61, with a volume of 201472 shares traded. The stock had previously closed at $14.78.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. StockNews.com assumed coverage on SITE Centers in a research report on Wednesday, December 4th. They issued a “hold” rating on the stock. Wells Fargo & Company dropped their target price on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Citigroup dropped their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, Piper Sandler dropped their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, SITE Centers currently has an average rating of “Hold” and an average price target of $35.75.

SITE Centers Price Performance

The company has a 50 day moving average of $15.10 and a two-hundred day moving average of $39.45. The firm has a market cap of $766.79 million, a P/E ratio of 1.07 and a beta of 1.60. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

Insider Activity at SITE Centers

In related news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the transaction, the chief executive officer now owns 136,008 shares in the company, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. Insiders sold 181,457 shares of company stock valued at $2,791,693 over the last 90 days. 10.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Two Sigma Advisers LP boosted its position in shares of SITE Centers by 543.6% in the 4th quarter. Two Sigma Advisers LP now owns 73,053 shares of the company’s stock valued at $1,117,000 after purchasing an additional 61,703 shares during the period. Two Sigma Investments LP acquired a new stake in SITE Centers during the 4th quarter worth about $4,340,000. Tidal Investments LLC acquired a new stake in SITE Centers during the 4th quarter worth about $504,000. Rush Island Management LP boosted its position in SITE Centers by 161.0% during the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company’s stock worth $24,193,000 after acquiring an additional 976,110 shares during the period. Finally, ProShare Advisors LLC boosted its position in SITE Centers by 44.5% during the 4th quarter. ProShare Advisors LLC now owns 14,307 shares of the company’s stock worth $219,000 after acquiring an additional 4,405 shares during the period. Institutional investors and hedge funds 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.