SITE Centers (NYSE:SITC) Hits New 12-Month Low After Insider Selling

SITE Centers Corp. (NYSE:SITC)’s share price hit a new 52-week low on Wednesday after an insider sold shares in the company. The company traded as low as $15.21 and last traded at $15.32, with a volume of 1083445 shares trading hands. The stock had previously closed at $15.42.

Specifically, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the completion of the sale, the director now owns 29,082 shares in the company, valued at $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 available at this hyperlink. Also, CEO David R. Lukes sold 168,895 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the transaction, the chief executive officer now owns 136,008 shares in the company, valued at approximately $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several equities analysts have commented on SITC shares. Citigroup dropped their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Stifel Nicolaus lifted their price target on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Truist Financial raised their target price on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, StockNews.com started coverage on shares of SITE Centers in a report on Wednesday, December 4th. They issued a “hold” rating on the stock. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $36.04.

SITE Centers Stock Performance

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 stock has a market capitalization of $800.61 million, a P/E ratio of 1.12 and a beta of 1.61. The company has a 50 day simple moving average of $16.11 and a 200-day simple moving average of $111.16.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. The business had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm’s quarterly revenue was down 37.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.32 EPS. On average, equities analysts forecast that SITE Centers Corp. will post 3.36 EPS for the current year.

Institutional Trading of SITE Centers

A number of institutional investors have recently modified their holdings of the business. Vestcor Inc purchased a new position in SITE Centers in the 3rd quarter valued at approximately $95,000. Allspring Global Investments Holdings LLC bought a new position in shares of SITE Centers in the second quarter worth $42,000. Neo Ivy Capital Management purchased a new position in shares of SITE Centers in the third quarter valued at $202,000. Systematic Financial Management LP bought a new stake in shares of SITE Centers during the 3rd quarter valued at $203,000. Finally, Quarry LP lifted its holdings in SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.