SITE Centers (NYSE:SITC) Reaches New 1-Year Low – What’s Next?

SITE Centers Corp. (NYSE:SITC)’s stock price hit a new 52-week low on Monday . The company traded as low as $16.46 and last traded at $16.48, with a volume of 139964 shares traded. The stock had previously closed at $16.78.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SITC. Morgan Stanley boosted their price target on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Stifel Nicolaus boosted their target price on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a report on Thursday, September 19th. Compass Point lowered their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Finally, Truist Financial increased their target price on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and an average target price of $97.18.

SITE Centers Trading Down 1.4 %

The firm’s 50-day simple moving average is $66.17 and its 200-day simple moving average is $173.01. The firm has a market capitalization of $3.47 billion, a P/E ratio of 16.21 and a beta of 1.64. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.70.

SITE Centers (NYSE:SITC) last announced its earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.84 by $13.92. The company had revenue of $113.48 million during the quarter, compared to analyst estimates of $113.23 million. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.64 earnings per share. Analysts anticipate that SITE Centers Corp. will post 3.39 EPS for the current year.

Institutional Trading of SITE Centers

Several hedge funds and other institutional investors have recently bought and sold shares of SITC. Vanguard Group Inc. lifted its holdings in shares of SITE Centers by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock worth $413,531,000 after acquiring an additional 608,996 shares during the last quarter. Quadrature Capital Ltd bought a new stake in SITE Centers in the fourth quarter worth $526,000. Principal Financial Group Inc. boosted its position in SITE Centers by 13.5% during the first quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company’s stock valued at $15,629,000 after buying an additional 127,278 shares during the period. BNP Paribas Financial Markets boosted its position in SITE Centers by 21.4% during the first quarter. BNP Paribas Financial Markets now owns 96,225 shares of the company’s stock valued at $1,410,000 after buying an additional 16,969 shares during the period. Finally, Texas Permanent School Fund Corp grew its stake in shares of SITE Centers by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 157,546 shares of the company’s stock valued at $2,308,000 after buying an additional 2,109 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.