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

SITE Centers Corp. (NYSE:SITC) shares reached a new 52-week low 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 trading hands. The stock had previously closed at $16.16.

A number of other analysts have also recently commented on the stock. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Truist Financial upped their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Finally, Stifel Nicolaus upped their price target 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. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $58.89.

Hedge Funds Weigh In On SITE Centers

A number of institutional investors have recently made changes to their positions in the stock. Chilton Capital Management LLC boosted its stake in shares of SITE Centers by 384.0% in the 1st quarter. Chilton Capital Management LLC now owns 1,936 shares of the company’s stock valued at $28,000 after purchasing an additional 1,536 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of SITE Centers in the 2nd quarter valued at $42,000. Quarry LP boosted its stake in shares of SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in shares of SITE Centers in the 1st quarter valued at $147,000. Finally, Diversified Trust Co purchased a new stake in shares of SITE Centers in the 2nd quarter valued at $152,000. Institutional investors own 88.70% of the company’s stock.

SITE Centers Stock Down 1.5 %

The company has a market cap of $834.69 million, a PE ratio of 1.16 and a beta of 1.62. The stock’s 50 day moving average price is $38.03 and its 200-day moving average price is $157.19. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. The business had revenue of $89.43 million during the quarter, compared to analysts’ expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm’s revenue for the quarter was down 37.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.32 EPS. On average, analysts predict 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.