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

SITE Centers Corp. (NYSE:SITC)’s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $14.55 and last traded at $14.86, with a volume of 54675 shares. The stock had previously closed at $14.98.

Analyst Ratings Changes

Several equities analysts recently weighed in on SITC shares. Wells Fargo & Company cut their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Piper Sandler reduced their price target on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. StockNews.com started coverage on SITE Centers in a research note on Wednesday, December 4th. They set a “hold” rating for the company. Compass Point reduced their target price on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. 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 two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $35.75.

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 company has a market cap of $777.17 million, a price-to-earnings ratio of 1.08 and a beta of 1.60. The stock has a 50-day moving average price of $15.31 and a 200 day moving average price of $61.12.

Insiders Place Their Bets

In other news, EVP John M. Cattonar sold 8,794 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total value of $133,844.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David R. Lukes sold 168,895 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at approximately $2,093,163.12. This trade represents a 55.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 181,457 shares of company stock worth $2,791,693. Company insiders own 10.10% of the company’s stock.

Institutional Investors Weigh In On SITE Centers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ieq Capital LLC bought a new position in shares of SITE Centers in the fourth quarter valued at $519,000. Principal Financial Group Inc. lifted its stake in SITE Centers by 4.3% in the fourth quarter. Principal Financial Group Inc. now owns 271,067 shares of the company’s stock valued at $4,145,000 after acquiring an additional 11,278 shares during the last quarter. Rhumbline Advisers grew its position in shares of SITE Centers by 2.2% in the 4th quarter. Rhumbline Advisers now owns 153,334 shares of the company’s stock valued at $2,344,000 after acquiring an additional 3,366 shares during the period. Asset Management One Co. Ltd. increased its stake in shares of SITE Centers by 7.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 69,924 shares of the company’s stock worth $1,050,000 after purchasing an additional 4,669 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of SITE Centers by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after purchasing an additional 833 shares during the period. 88.70% of the stock is owned by 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.