SITE Centers (NYSE:SITC) Hits New 52-Week Low After Analyst Downgrade

SITE Centers Corp. (NYSE:SITC)’s share price reached a new 52-week low during trading on Tuesday after Piper Sandler lowered their price target on the stock from $23.00 to $20.00. Piper Sandler currently has an overweight rating on the stock. SITE Centers traded as low as $15.88 and last traded at $15.98, with a volume of 290877 shares. The stock had previously closed at $16.16.

A number of other equities analysts have also issued reports on the company. StockNews.com raised SITE Centers from a “hold” rating to a “buy” rating in a report on Saturday, November 2nd. Morgan Stanley raised their price target on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Stifel Nicolaus raised their target price 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. Finally, Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, SITE Centers currently has a consensus rating of “Hold” and a consensus target price of $58.89.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SITC. Long Pond Capital LP increased its position in shares of SITE Centers by 403.8% during the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of SITE Centers by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock valued at $39,426,000 after acquiring an additional 31,529 shares during the last quarter. APG Asset Management US Inc. boosted its holdings in shares of SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after acquiring an additional 535,550 shares in the last quarter. Renaissance Technologies LLC grew its position in SITE Centers by 6.8% during the 2nd quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock worth $12,794,000 after acquiring an additional 56,013 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in SITE Centers by 3,017.5% during the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after purchasing an additional 739,174 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

SITE Centers Price Performance

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 has a market capitalization of $838.36 million, a price-to-earnings ratio of 1.17 and a beta of 1.62. The stock has a fifty day moving average of $37.13 and a two-hundred day moving average of $155.76.

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

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.