SITE Centers (NYSE:SITC) Sets New 52-Week Low After Insider Selling

SITE Centers Corp. (NYSE:SITC) hit a new 52-week low on Wednesday following insider selling activity. The stock traded as low as $15.21 and last traded at $15.32, with a volume of 1083445 shares changing hands. The stock had previously closed at $15.42.

Specifically, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.54, for a total transaction of $58,554.72. Following the transaction, the director now owns 29,082 shares in the company, valued at approximately $451,934.28. The trade was a 11.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David R. Lukes sold 168,895 shares of SITE Centers 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 transaction, the chief executive officer now owns 136,008 shares in the company, valued at $2,093,163.12. The trade was a 55.39 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SITC. Truist Financial upped their target price 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. Morgan Stanley boosted their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Stifel Nicolaus boosted their price objective 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, StockNews.com assumed coverage on shares of SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating for the company. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $36.04.

SITE Centers Trading Down 1.0 %

The firm has a market capitalization of $800.61 million, a price-to-earnings ratio of 1.12 and a beta of 1.61. The firm’s 50 day moving average is $16.16 and its 200 day moving average is $111.83. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last released its earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. During the same period in the prior year, the business earned $1.32 earnings per share. The business’s quarterly revenue was down 37.5% on a year-over-year basis. Equities analysts forecast that SITE Centers Corp. will post 3.36 earnings per share for the current year.

Institutional Investors Weigh In On SITE Centers

Several hedge funds have recently made changes to their positions in SITC. Bank of Montreal Can lifted its position in shares of SITE Centers by 3,017.5% in the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after acquiring an additional 739,174 shares in the last quarter. APG Asset Management US Inc. lifted its position in shares of SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock valued at $12,996,000 after acquiring an additional 535,550 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in shares of SITE Centers in the 2nd quarter valued at approximately $3,089,000. Algert Global LLC lifted its position in shares of SITE Centers by 65.0% in the 2nd quarter. Algert Global LLC now owns 411,910 shares of the company’s stock valued at $5,973,000 after acquiring an additional 162,260 shares in the last quarter. Finally, Peregrine Capital Management LLC lifted its position in shares of SITE Centers by 13.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 488,993 shares of the company’s stock valued at $7,090,000 after acquiring an additional 57,281 shares in the last quarter. 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.