SITE Centers (NYSE:SITC) Reaches New 52-Week Low – Should You Sell?

SITE Centers Corp. (NYSE:SITC)’s stock price reached a new 52-week low on Thursday . The company traded as low as $11.87 and last traded at $12.09, with a volume of 83217 shares changing hands. The stock had previously closed at $12.88.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SITC shares. Piper Sandler lowered their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Wells Fargo & Company dropped their price objective on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. StockNews.com cut SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Citigroup dropped their price target on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.25.

SITE Centers Stock Down 6.4 %

The stock has a fifty day moving average price of $13.97 and a two-hundred day moving average price of $18.59. The firm has a market capitalization of $632.04 million, a P/E ratio of 0.88 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.

SITE Centers (NYSE:SITC) last issued its earnings results on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business had revenue of $32.87 million for the quarter, compared to analyst estimates of $43.58 million. Research analysts forecast that SITE Centers Corp. will post 3.24 EPS for the current year.

Hedge Funds Weigh In On SITE Centers

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