The Vanguard Group, Inc. recently announced the acquisition of new stake in SITE Centers Corp. (NYSE:SITC). The institutional investor has increased its shareholding in the Real Estate company by 1.36% to 31.03 million shares with purchase of 0.42 million shares. This fresh investment now brings its stake to 14.60% valued currently at $414.83 million. In addition, BlackRock Fund Advisors raised its holdings by 0.73 million to 26.8 million shares. And SSgA Funds Management, Inc. has lifted its position by 6.08% or 0.71 million shares – to 12.34 million shares.
With over 2.51 million SITE Centers Corp. (SITC) shares trading Monday and a closing price of $12.12 on the day, the dollar volume was approximately $30.47 million. The shares have shown a negative half year performance of -9.75% and its price on 03/13/23 lost nearly -0.41%. Currently, there are 212.16M common shares owned by the public and among those 176.38M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for SITC have a consensus price objective of $15.02. The analysts have set the share’s price value over the next 12 months at a high of $21.00 and a low of $13.00. The average price target is 19.31% above its recent price level and an upside to the estimated low will see the stock gain 6.77% over that period. But an upside of 42.29% will see the stock hit the forecast high price target while median target price for the stock is $14.00.
Insiders at the company have transacted a total of 21 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 25,789 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 400,324 shares.
The top 3 mutual fund holders in SITE Centers Corp. are iShares Core S&P Small Cap ETF, Vanguard Real Estate Index Fund, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 9.27 million shares of the company’s stock, all valued at over $123.98 million. Vanguard Real Estate Index Fund sold 2154.0 shares to see its total holdings shrink to 8.6 million shares valued at over $114.98 million and representing 4.05% of the shares outstanding. Vanguard Total Stock Market Index bought 8685.0 shares to bring its total holdings to over 5.53 million shares at a value of $73.91 million. Vanguard Total Stock Market Index now owns shares totaling to 2.60% of the shares outstanding.
Shares of SITE Centers Corp. (NYSE: SITC) opened at $12.05, down -$0.12 from a prior closing price of $12.17. However, the script later moved the day high at 12.30, down -0.41%. The company’s stock has a 5-day price change of -8.04% and -8.73% over the past three months. SITC shares are trading -11.27% year to date (YTD), with the 12-month market performance down to -24.20% lower. It has a 12-month low price of $10.42 and touched a high of $17.22 over the same period. SITC has an average intraday trading volume of 1.85 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.23%, -9.32%, and -8.44% respectively.
Institutional ownership of SITE Centers Corp. (NYSE: SITC) shares accounts for 89.60% of the company’s 212.16M shares outstanding. Mutual fund holders own 35.70%, while other institutional holders and individual stakeholders account for 57.45% and 10.30% respectively.
It has a market capitalization of $2.64B and a beta (3y monthly) value of 1.58. The stock’s trailing 12-month PE ratio is 16.53, while the earnings-per-share (ttm) stands at $0.73. The company has a debt-to-equity ratio at 0.89. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.52% over the week and 2.38% over the month.
Analysts forecast that SITE Centers Corp. (SITC) will achieve an EPS of $0.08 for the current quarter, $0.08 for the next quarter and $0.3 for 2024. The lowest estimate earnings-per-share for the quarter is $0.03 while analysts give the company a high EPS estimate of $0.17. Comparatively, EPS for the current quarter was $0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 45.50%, and 17.42% over the next financial year. EPS should shrink at an annualized rate of -6.04% over the next five years, compared to 18.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate SITE Centers Corp. (SITC) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 9 of the 13 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SITC, a number of firms have released research notes about the stock. Mizuho stated their Neutral rating for the stock in a research note on January 10, 2023, with the firm’s price target at $14-$13. Mizuho coverage for the SITE Centers Corp. (SITC) stock in a research note released on August 16, 2022 offered a Buy rating with a price target of $17. Wolfe Research was of a view on September 23, 2021 that the stock is Outperform, while KeyBanc Capital Markets gave the stock Overweight rating on March 04, 2021, issuing a price target of $15. Piper Sandler on their part issued Overweight rating on January 14, 2021.
