SITE Centers Corp. (NYSE:SITC) Shares Sold by Algert Global LLC

Algert Global LLC cut its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 75.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 101,039 shares of the company’s stock after selling 310,871 shares during the period. Algert Global LLC owned about 0.19% of SITE Centers worth $6,113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SITC. Allspring Global Investments Holdings LLC acquired a new position in SITE Centers during the second quarter valued at $42,000. Quarry LP increased its holdings in SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after buying an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new position in SITE Centers in the first quarter valued at $147,000. Diversified Trust Co purchased a new position in SITE Centers in the second quarter valued at $152,000. Finally, Evergreen Capital Management LLC purchased a new position in SITE Centers in the second quarter valued at $167,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Truist Financial lifted their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Wells Fargo & Company cut shares of 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 report on Wednesday, October 2nd. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Morgan Stanley lifted their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Compass Point cut their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $58.89.

SITE Centers Stock Down 0.4 %

SITC stock opened at $16.10 on Friday. The stock has a market capitalization of $844.12 million, a P/E ratio of 1.18 and a beta of 1.62. The firm has a 50-day simple moving average of $26.01 and a 200-day simple moving average of $137.65. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers Corp. has a 52 week low of $15.43 and a 52 week high of $64.44.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating 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 company had revenue of $89.43 million during the quarter, compared to analysts’ expectations of $104.55 million. During the same quarter in the prior year, the company earned $1.32 EPS. SITE Centers’s revenue was down 37.5% compared to the same quarter last year. Equities analysts forecast that SITE Centers Corp. will post 2.9 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.