Soros Fund Management LLC Makes New Investment in SITE Centers Corp. (NYSE:SITC)

Soros Fund Management LLC purchased a new stake in shares of SITE Centers Corp. (NYSE:SITC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 50,000 shares of the company’s stock, valued at approximately $3,025,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in shares of SITE Centers during the 3rd quarter worth $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in SITE Centers by 19.7% during the third 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 during the period. Landscape Capital Management L.L.C. bought a new stake in SITE Centers during the third quarter valued at about $319,000. GSA Capital Partners LLP purchased a new stake in SITE Centers in the third quarter worth about $617,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of SITE Centers in the third quarter worth about $355,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SITC has been the subject of several analyst reports. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Stifel Nicolaus increased their price objective on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Compass Point lowered their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Truist Financial increased their price target on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Finally, Morgan Stanley boosted 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. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, SITE Centers currently has a consensus rating of “Hold” and an average target price of $39.38.

SITE Centers Stock Down 1.6 %

Shares of NYSE:SITC opened at $15.38 on Friday. The company has a 50-day moving average price of $19.03 and a 200 day moving average price of $125.94. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers Corp. has a 12 month low of $15.31 and a 12 month high of $64.44. The company has a market cap of $806.11 million, a price-to-earnings ratio of 1.12 and a beta of 1.61.

SITE Centers (NYSE:SITC) last posted 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. The business had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company’s revenue for the quarter was down 37.5% on a year-over-year basis. During the same period last year, the company earned $1.32 EPS. As a group, equities research analysts predict that SITE Centers Corp. will post 2.9 earnings per share for the current 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.