SITE Centers (NYSE:SITC) Sees Unusually-High Trading Volume – Still a Buy?

Shares of SITE Centers Corp. (NYSE:SITC) saw unusually-strong trading volume on Monday . Approximately 369,680 shares changed hands during mid-day trading, a decline of 41% from the previous session’s volume of 622,425 shares.The stock last traded at $16.83 and had previously closed at $16.88.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SITC. StockNews.com cut shares of SITE Centers from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Compass Point lowered their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Piper Sandler lifted their price objective on shares of SITE Centers from $256.00 to $288.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, SITE Centers currently has a consensus rating of “Hold” and a consensus price target of $97.18.

SITE Centers Price Performance

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 capitalization of $896.15 million, a price-to-earnings ratio of 2.02 and a beta of 1.64. The business’s 50 day simple moving average is $41.62 and its 200-day simple moving average is $162.83.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.84 by $13.92. The business had revenue of $113.48 million during 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%. The business’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.64 EPS. Research analysts anticipate that SITE Centers Corp. will post 3.39 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently modified their holdings of SITC. Chilton Capital Management LLC raised its position in shares of SITE Centers by 384.0% during the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock worth $28,000 after buying an additional 1,536 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in SITE Centers in the second quarter worth approximately $42,000. Quarry LP lifted its position in SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the period. O Shaughnessy Asset Management LLC bought a new position in SITE Centers during the 1st quarter valued at $147,000. Finally, Diversified Trust Co acquired a new position in shares of SITE Centers during the 2nd quarter valued at $152,000. 88.70% of the stock is currently owned by institutional investors.

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.