Market cap of SITE Centers Corp. [SITC] reaches 2.80B – now what?

SITE Centers Corp. [NYSE: SITC] price surged by 4.36 percent to reach at $0.55. The company report on January 9, 2023 that SITE Centers Provides Fourth Quarter 2022 and YTD 2023 Transaction Update.


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SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers in suburban, high household income communities, today announced that the Company sold 4 shopping centers and 1 parcel at a wholly-owned shopping center for an aggregate price of $166.3 million ($157.8 million at share) in the fourth quarter of 2022. Net proceeds were used to repurchase $28.8 million of common stock at an average price of $13.33 per share, acquire 1 Convenience property for $5.8 million and repay the outstanding balance on the Company’s revolving credit facility. Subsequent to year end, the Company purchased 2 additional Convenience properties for an aggregate price of $26.1 million.

“In the fourth quarter, we opportunistically sold a select group of assets and recycled the capital into share repurchases and Convenience acquisitions further strengthening SITE’s balance sheet, long-term growth rate and overall portfolio quality,” commented David R. Lukes, President and Chief Executive Officer. “We continue to see an attractive subset of investment opportunities and expect to reinvest the remainder of the proceeds over the course of the year subject to pricing and returns.”.

A sum of 3251240 shares traded at recent session while its average daily volume was at 1.95M shares. SITE Centers Corp. shares reached a high of $13.19 and dropped to a low of $12.71 until finishing in the latest session at $13.17.

The one-year SITC stock forecast points to a potential upside of 11.97. The average equity rating for SITC stock is currently 2.40, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on SITE Centers Corp. [SITC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SITC shares is $14.96 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SITC stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Mizuho have made an estimate for SITE Centers Corp. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 10, 2023. While these analysts kept the previous recommendation, Mizuho raised their target price from $15 to $17. The new note on the price target was released on August 16, 2022, representing the official price target for SITE Centers Corp. stock. Previously, the target price had yet another raise to $19, while Wolfe Research analysts kept a Outperform rating on SITC stock.

The Average True Range (ATR) for SITE Centers Corp. is set at 0.39, with the Price to Sales ratio for SITC stock in the period of the last 12 months amounting to 5.10. The Price to Book ratio for the last quarter was 1.45, with the Price to Cash per share for the same quarter was set at 0.10. Price to Free Cash Flow for SITC in the course of the last twelve months was 60.24.

SITC Stock Performance Analysis:

SITE Centers Corp. [SITC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.94. With this latest performance, SITC shares dropped by -0.75% in over the last four-week period, additionally sinking by -0.45% over the last 6 months – not to mention a drop of -17.48% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SITC stock in for the last two-week period is set at 48.95, with the RSI for the last a single of trading hit 48.08, and the three-weeks RSI is set at 50.24 for SITE Centers Corp. [SITC]. The present Moving Average for the last 50 days of trading for this stock 13.14, while it was recorded at 12.98 for the last single week of trading, and 13.74 for the last 200 days.

Insight into SITE Centers Corp. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and SITE Centers Corp. [SITC] shares currently have an operating margin of +26.60 and a Gross Margin at +35.33. SITE Centers Corp.’s Net Margin is presently recorded at +23.76.

Return on Equity for this stock inclined to 6.25, with Return on Assets sitting at 3.08.

SITC Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SITC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for SITE Centers Corp. go to -6.04%.

SITE Centers Corp. [SITC] Insider Position Details

There are presently around $2,448 million, or 89.60% of SITC stock, in the hands of institutional investors. The top three institutional holders of SITC stocks are: VANGUARD GROUP INC with ownership of 31,084,808, which is approximately 1.121% of the company’s market cap and around 9.90% of the total institutional ownership; BLACKROCK INC., holding 29,912,818 shares of the stock with an approximate value of $393.95 million in SITC stocks shares; and STATE STREET CORP, currently with $153.22 million in SITC stock with ownership of nearly 1.423% of the company’s market capitalization.

Positions in SITE Centers Corp. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 139 institutional holders increased their position in SITE Centers Corp. [NYSE:SITC] by around 15,326,378 shares. Additionally, 101 investors decreased positions by around 16,960,214 shares, while 38 investors held positions by with 153,626,623 shares. The mentioned changes placed institutional holdings at 185,913,215 shares, according to the latest SEC report filing. SITC stock had 35 new institutional investments in for a total of 7,159,237 shares, while 26 institutional investors sold positions of 3,916,463 shares during the same period.

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