SITE Centers (NYSE:SITC) Sets New 12-Month Low – Time to Sell?

SITE Centers Corp. (NYSE:SITC) shares reached a new 52-week low during trading on Friday . The company traded as low as $12.58 and last traded at $12.62, with a volume of 104690 shares trading hands. The stock had previously closed at $12.77.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Piper Sandler reduced their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Wells Fargo & Company decreased their price objective on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a research report on Wednesday. Citigroup reduced their price target on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, StockNews.com lowered shares of SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and an average target price of $35.25.

SITE Centers Price Performance

The company has a market cap of $662.45 million, a P/E ratio of 0.92 and a beta of 1.63. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The company has a fifty day moving average price of $14.12 and a two-hundred day moving average price of $19.56.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07). SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company had revenue of $32.87 million for the quarter, compared to analyst estimates of $43.58 million. On average, sell-side analysts anticipate that SITE Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SITE Centers

Hedge funds have recently bought and sold shares of the company. Illinois Municipal Retirement Fund raised its stake in SITE Centers by 3.0% in the fourth quarter. Illinois Municipal Retirement Fund now owns 25,206 shares of the company’s stock valued at $385,000 after buying an additional 730 shares during the period. Van ECK Associates Corp raised its stake in SITE Centers by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after acquiring an additional 833 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in SITE Centers by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,032 shares of the company’s stock worth $413,000 after purchasing an additional 1,011 shares during the period. Deutsche Bank AG increased its holdings in shares of SITE Centers by 1.9% in the fourth quarter. Deutsche Bank AG now owns 63,704 shares of the company’s stock valued at $974,000 after purchasing an additional 1,195 shares during the last quarter. Finally, Vestcor Inc acquired a new position in shares of SITE Centers in the third quarter valued at $95,000. 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.