SITE Centers (NYSE:SITC) Reaches New 1-Year Low After Analyst Downgrade

SITE Centers Corp. (NYSE:SITC)’s stock price reached a new 52-week low during mid-day 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 traded. The stock had previously closed at $16.16.

SITC has been the topic of several other research reports. Truist Financial upped their price target on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Morgan Stanley raised their target price on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Stifel Nicolaus boosted their price target on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $58.89.

Institutional Investors Weigh In On SITE Centers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new stake in SITE Centers during the 3rd quarter worth approximately $617,000. Los Angeles Capital Management LLC bought a new position in SITE Centers during the 3rd quarter worth $355,000. Blue Trust Inc. raised its position in SITE Centers by 508.3% during the 3rd quarter. Blue Trust Inc. now owns 6,381 shares of the company’s stock worth $386,000 after purchasing an additional 5,332 shares during the last quarter. AlphaMark Advisors LLC acquired a new position in SITE Centers during the 3rd quarter worth about $319,000. Finally, SG Americas Securities LLC raised its position in shares of SITE Centers by 115.1% during the third quarter. SG Americas Securities LLC now owns 16,318 shares of the company’s stock worth $987,000 after acquiring an additional 8,731 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

SITE Centers Stock Performance

The stock has a 50 day moving average of $37.13 and a 200 day moving average of $155.76. The company has a market capitalization of $838.36 million, a price-to-earnings ratio of 1.17 and a beta of 1.62. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same quarter in the previous year, the company earned $1.32 EPS. The company’s revenue for the quarter was down 37.5% on a year-over-year basis. As a group, analysts predict that SITE Centers Corp. will post 3.36 EPS for the current year.

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.