Insider Selling: SITE Centers Corp. (NYSE:SITC) CEO Sells 168,895 Shares of Stock

SITE Centers Corp. (NYSE:SITC) CEO David R. Lukes sold 168,895 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

SITE Centers Trading Up 0.2 %

Shares of SITE Centers stock opened at $15.61 on Friday. The company’s fifty day moving average price is $16.24 and its two-hundred day moving average price is $115.60. The firm has a market capitalization of $818.43 million, a PE ratio of 1.14 and a beta of 1.61. SITE Centers Corp. has a 52-week low of $15.24 and a 52-week high of $64.44. 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 posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. The business had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm’s revenue for the quarter was down 37.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.32 earnings per share. On average, analysts expect that SITE Centers Corp. will post 3.36 EPS for the current year.

Hedge Funds Weigh In On SITE Centers

A number of hedge funds have recently modified their holdings of the stock. Diversified Trust Co bought a new stake in SITE Centers in the second quarter valued at $152,000. TCW Group Inc. boosted its stake in shares of SITE Centers by 91.6% in the 2nd quarter. TCW Group Inc. now owns 214,796 shares of the company’s stock valued at $3,115,000 after purchasing an additional 102,673 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of SITE Centers by 2.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 87,671 shares of the company’s stock valued at $1,282,000 after purchasing an additional 1,894 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of SITE Centers by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock worth $1,315,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of SITE Centers during the 2nd quarter worth about $42,000. 88.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SITC. Morgan Stanley boosted their price objective on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. StockNews.com started coverage on SITE Centers in a report on Wednesday, December 4th. They set a “hold” rating for the company. Compass Point lowered their price objective 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 upped their target price on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Finally, Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $36.04.

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.