SITE Centers (NASDAQ:SITC) Trading Down 6.9%

SITE Centers Corp. (NASDAQ:SITC) shares dropped 6.9% during mid-day trading on Monday . The company traded as low as $7.15 and last traded at $7.20. Approximately 1,341,057 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 2,476,165 shares. The stock had previously closed at $7.73.

Several brokerages have recently weighed in on SITC. Citigroup increased their price target on SITE Centers from $5.00 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, July 2nd. Morgan Stanley upped their target price on SITE Centers from $5.75 to $8.20 and gave the company an “equal weight” rating in a research report on Monday, September 14th. BidaskClub upgraded SITE Centers from a “sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Deutsche Bank cut their target price on SITE Centers from $15.00 to $9.00 and set a “hold” rating on the stock in a research report on Friday, June 5th. Finally, SunTrust Banks increased their price target on SITE Centers from $6.00 to $7.00 and gave the stock a “hold” rating in a report on Monday, June 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. SITE Centers has a consensus rating of “Hold” and an average price target of $10.56.

The stock has a fifty day moving average price of $7.83 and a two-hundred day moving average price of $7.00.

SITE Centers (NASDAQ:SITC) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.05) EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.25). The company had revenue of $98.10 million during the quarter, compared to the consensus estimate of $98.65 million. The company’s revenue was down 12.6% compared to the same quarter last year. During the same period last year, the firm earned $0.31 earnings per share.

A number of large investors have recently added to or reduced their stakes in the business. Two Sigma Advisers LP increased its holdings in shares of SITE Centers by 11.8% in the second quarter. Two Sigma Advisers LP now owns 319,083 shares of the company’s stock worth $2,585,000 after buying an additional 33,700 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of SITE Centers by 15.9% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 38,004 shares of the company’s stock worth $308,000 after purchasing an additional 5,200 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of SITE Centers by 6,062.0% in the 2nd quarter. Principal Financial Group Inc. now owns 1,129,066 shares of the company’s stock worth $9,145,000 after purchasing an additional 1,110,743 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of SITE Centers in the 2nd quarter worth $297,000. Finally, Handelsbanken Fonder AB purchased a new stake in shares of SITE Centers in the 2nd quarter worth $280,000.

SITE Centers Company Profile (NASDAQ:SITC)

SITE is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.

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