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

Shares of SITE Centers Corp. (NYSE:SITC) reached a new 52-week low on Tuesday . The company traded as low as $12.90 and last traded at $13.03, with a volume of 1314923 shares. The stock had previously closed at $13.23.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Piper Sandler dropped their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Citigroup dropped their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.61.

SITE Centers Stock Down 0.2 %

The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The company has a market capitalization of $670.32 million, a price-to-earnings ratio of 0.94 and a beta of 1.63. The firm has a 50-day moving average price of $14.66 and a two-hundred day moving average price of $23.44.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data 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). The firm had revenue of $32.87 million for the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. As a group, sell-side analysts anticipate that SITE Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Insider Transactions at SITE Centers

In related news, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the transaction, the director now directly owns 29,082 shares of the company’s stock, valued at approximately $451,934.28. This represents a 11.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction that occurred 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. 10.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vestcor Inc bought a new stake in SITE Centers in the third quarter valued at approximately $95,000. Neo Ivy Capital Management bought a new stake in SITE Centers in the third quarter valued at approximately $202,000. Systematic Financial Management LP bought a new stake in SITE Centers in the third quarter valued at approximately $203,000. KBC Group NV raised its stake in SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after buying an additional 2,193 shares during the period. Finally, Covestor Ltd raised its stake in SITE Centers by 483.2% in the fourth quarter. Covestor Ltd now owns 3,756 shares of the company’s stock valued at $57,000 after buying an additional 3,112 shares during the period. 88.70% of the stock is 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.