Site Centers (NYSE:SITC) Shares Cross Below Fifty Day Moving Average – Here’s Why

Site Centers Corp. (NYSE:SITC)’s stock price passed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $3.18 and traded as low as $0.59. Site Centers shares last traded at $0.6690, with a volume of 14,916,004 shares.

Analyst Ratings Changes

SITC has been the subject of a number of research reports. Weiss Ratings restated a “sell (d)” rating on shares of Site Centers in a research report on Monday, September 21st. Piper Sandler lowered their price target on shares of Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Zacks Research lowered Site Centers from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Site Centers presently has an average rating of “Sell” and a consensus target price of $3.50.

Site Centers Trading Down 81.3%

The company has a 50-day simple moving average of $3.18 and a 200 day simple moving average of $4.62. The firm has a market cap of $35.12 million, a PE ratio of 0.27 and a beta of 0.96.

Site Centers (NYSE:SITC) last posted its earnings results on Monday, November 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. Site Centers had a net margin of 334.85% and a return on equity of 41.84%. The firm had revenue of $4.47 million during the quarter, compared to analyst estimates of $5.70 million.

Site Centers Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Thursday, November 5th. Shareholders of record on Tuesday, October 27th were given a $3.00 dividend.

Institutional Investors Weigh In On Site Centers

Several hedge funds have recently modified their holdings of SITC. Bessemer Group Inc. lifted its position in shares of Site Centers by 315,970.1% during the 1st quarter. Bessemer Group Inc. now owns 635,301 shares of the company’s stock valued at $3,431,000 after buying an additional 635,100 shares in the last quarter. BlackRock Inc. acquired a new stake in Site Centers in the 2nd quarter valued at $20,004,000. Rush Island Management LP grew its stake in Site Centers by 11.4% in the 1st quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock valued at $24,007,000 after acquiring an additional 456,032 shares during the period. Bank of New York Mellon Corp purchased a new stake in Site Centers in the 2nd quarter worth $921,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Site Centers in the 2nd quarter worth $7,222,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

About Site Centers

SITE Centers Corp. (NYSE: SITC) is a self-administered and self-managed real estate investment trust that owns, operates and leases open-air shopping centers in the United States. Its properties are generally located in suburban communities and are designed to serve everyday consumer needs.

The company’s portfolio includes grocery-anchored and other multi-tenant retail centers occupied by a mix of national, regional and local retailers, restaurants, service providers and other consumer-focused businesses.