SITE Centers (NYSE:SITC) Reaches New 52-Week Low – Here’s What Happened

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Stifel Nicolaus increased their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Morgan Stanley upped their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $58.89.

SITE Centers Stock Performance

The company has a market capitalization of $833.64 million, a price-to-earnings ratio of 1.17 and a beta of 1.62. 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 stock’s fifty day simple moving average is $32.73 and its 200-day simple moving average is $148.62.

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

Institutional Investors Weigh In On SITE Centers

A number of hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of SITE Centers in the 2nd quarter valued at $42,000. Quarry LP grew its position 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 during the last quarter. AlphaMark Advisors LLC purchased a new position in shares of SITE Centers in the 3rd quarter valued at $319,000. Landscape Capital Management L.L.C. purchased a new position in shares of SITE Centers in the 3rd quarter valued at $319,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of SITE Centers in the 3rd quarter valued at $355,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.