SITE Centers (NYSE:SITC) Sets New 1-Year Low – What’s Next?

SITE Centers Corp. (NYSE:SITC) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $14.45 and last traded at $14.57, with a volume of 65289 shares traded. The stock had previously closed at $14.59.

Analyst Upgrades and Downgrades

Several equities research 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 for the company in a research report on Wednesday, January 29th. Piper Sandler cut their price target on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. StockNews.com upgraded shares of SITE Centers from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Citigroup cut their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, SITE Centers currently has a consensus rating of “Hold” and a consensus target price 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 stock has a fifty day simple moving average of $15.06 and a two-hundred day simple moving average of $33.33. The firm has a market capitalization of $765.22 million, a P/E ratio of 1.07 and a beta of 1.60.

Insider Buying and Selling

In other SITE Centers news, CEO David R. Lukes sold 168,895 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the sale, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the transaction, the director now directly owns 29,082 shares of the company’s stock, valued at approximately $451,934.28. This trade represents a 11.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,457 shares of company stock worth $2,791,693. 10.10% of the stock is owned by corporate insiders.

Institutional Trading of SITE Centers

Institutional investors have recently added to or reduced their stakes in the stock. Graham Capital Wealth Management LLC purchased a new stake in shares of SITE Centers in the fourth quarter worth about $2,226,000. Advisors Preferred LLC purchased a new stake in SITE Centers in the 4th quarter worth approximately $2,517,000. Meeder Asset Management Inc. bought a new position in SITE Centers in the 3rd quarter valued at $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SITE Centers by 19.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock valued at $19,612,000 after purchasing an additional 53,412 shares in the last quarter. Finally, CWA Asset Management Group LLC bought a new position in shares of SITE Centers in the fourth quarter worth $606,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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.