SITE Centers Corp. (NYSE:SITC) Stock Holdings Trimmed by State Street Corp

State Street Corp cut its stake in shares of SITE Centers Corp. (NYSE:SITC) by 74.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,743,657 shares of the company’s stock after selling 8,080,981 shares during the quarter. State Street Corp owned approximately 5.23% of SITE Centers worth $165,991,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Meeder Asset Management Inc. acquired a new position in shares of SITE Centers during the third quarter worth approximately $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in SITE Centers by 19.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock valued at $19,612,000 after purchasing an additional 53,412 shares in the last quarter. Landscape Capital Management L.L.C. bought a new position in SITE Centers during the 3rd quarter valued at $319,000. GSA Capital Partners LLP bought a new position in SITE Centers during the 3rd quarter valued at $617,000. Finally, Systematic Financial Management LP bought a new position in SITE Centers during the 3rd quarter valued at $203,000. 88.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Morgan Stanley increased their price objective on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Piper Sandler cut their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Compass Point cut their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Finally, Truist Financial increased their target price on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, SITE Centers has an average rating of “Hold” and a consensus price target of $36.04.

Insiders Place Their Bets

In other SITE Centers news, CEO David R. Lukes sold 168,895 shares of the 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 directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 10.10% of the company’s stock.

SITE Centers Trading Up 0.2 %

NYSE SITC opened at $15.61 on Friday. SITE Centers Corp. has a 1-year low of $15.24 and a 1-year high of $64.44. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $818.17 million, a PE ratio of 1.14 and a beta of 1.61. The firm’s fifty day simple moving average is $16.24 and its 200-day simple moving average is $116.37.

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

About SITE Centers

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.