SITE Centers (NYSE:SITC) Hits New 52-Week Low – Here’s What Happened

SITE Centers Corp. (NYSE:SITC) hit a new 52-week low on Monday . The stock traded as low as $16.46 and last traded at $16.48, with a volume of 139964 shares changing hands. The stock had previously closed at $16.78.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SITC. Morgan Stanley increased their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. StockNews.com started coverage on SITE Centers in a research note on Monday, October 7th. They issued a “buy” rating for the company. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Stifel Nicolaus lifted their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Compass Point dropped their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $97.18.

SITE Centers Stock Performance

The company’s 50 day simple moving average is $66.17 and its 200 day simple moving average is $173.01. The company has a debt-to-equity ratio of 0.70, a quick ratio of 7.36 and a current ratio of 7.36. The stock has a market cap of $3.47 billion, a PE ratio of 16.21 and a beta of 1.64.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 EPS for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. The business had revenue of $113.48 million for the quarter, compared to analyst estimates of $113.23 million. SITE Centers had a return on equity of 23.05% and a net margin of 91.77%. SITE Centers’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same period last year, the company posted $4.64 earnings per share. Analysts expect that SITE Centers Corp. will post 3.39 earnings per share for the current year.

Hedge Funds Weigh In On SITE Centers

Several institutional investors have recently added to or reduced their stakes in SITC. Vanguard Group Inc. boosted its stake in SITE Centers by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock valued at $413,531,000 after acquiring an additional 608,996 shares during the last quarter. Long Pond Capital LP grew its holdings in SITE Centers by 403.8% during the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after purchasing an additional 4,644,142 shares during the period. Dimensional Fund Advisors LP increased its position in SITE Centers by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock worth $39,426,000 after buying an additional 31,529 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of SITE Centers by 13.5% in the first quarter. Principal Financial Group Inc. now owns 1,066,843 shares of the company’s stock valued at $15,629,000 after buying an additional 127,278 shares during the period. Finally, APG Asset Management US Inc. lifted its position in shares of SITE Centers by 145.0% during the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock valued at $12,996,000 after buying an additional 535,550 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

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.