Meeder Asset Management Inc. Invests $2.60 Million in SITE Centers Corp. (NYSE:SITC)

Meeder Asset Management Inc. purchased a new stake in shares of SITE Centers Corp. (NYSE:SITC) during the third quarter, HoldingsChannel.com reports. The firm purchased 42,906 shares of the company’s stock, valued at approximately $2,596,000.

A number of other hedge funds also recently bought and sold shares of the business. ProShare Advisors LLC increased its stake in shares of SITE Centers by 7.4% during the first quarter. ProShare Advisors LLC now owns 38,210 shares of the company’s stock valued at $560,000 after buying an additional 2,647 shares during the period. O Shaughnessy Asset Management LLC purchased a new position in SITE Centers during the 1st quarter valued at $147,000. CANADA LIFE ASSURANCE Co raised its holdings in SITE Centers by 5.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 447,965 shares of the company’s stock worth $6,556,000 after purchasing an additional 22,008 shares in the last quarter. Long Pond Capital LP lifted its position in shares of SITE Centers by 403.8% in the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after purchasing an additional 4,644,142 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of SITE Centers by 5.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 131,109 shares of the company’s stock valued at $1,921,000 after purchasing an additional 6,943 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Price Performance

SITC opened at $15.70 on Tuesday. SITE Centers Corp. has a 1 year low of $15.43 and a 1 year high of $64.44. The stock has a 50-day moving average price of $29.41 and a 200-day moving average price of $142.90. The firm has a market cap of $823.15 million, a PE ratio of 1.15 and a beta of 1.62. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

SITE Centers (NYSE:SITC) last issued its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $89.43 million during the quarter, compared to analysts’ expectations of $104.55 million. During the same period in the previous year, the company earned $1.32 earnings per share. The business’s revenue for the quarter was down 37.5% compared to the same quarter last year. Sell-side analysts predict that SITE Centers Corp. will post 2.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. StockNews.com assumed coverage on shares of SITE Centers in a report on Monday. They set a “buy” rating on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Finally, Compass Point lowered their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, SITE Centers currently has a consensus rating of “Hold” and a consensus price target of $58.89.

SITE Centers Profile

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.