Nisa Investment Advisors LLC Sells 7,801 Shares of SITE Centers Corp. (NYSE:SITC)

Nisa Investment Advisors LLC cut its holdings in SITE Centers Corp. (NYSE:SITC) by 8.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 87,003 shares of the company’s stock after selling 7,801 shares during the period. Nisa Investment Advisors LLC’s holdings in SITE Centers were worth $1,186,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SITC. FMR LLC raised its stake in SITE Centers by 21.6% during the 3rd quarter. FMR LLC now owns 16,126,938 shares of the company’s stock valued at $198,845,000 after buying an additional 2,861,012 shares during the last quarter. Norges Bank purchased a new stake in SITE Centers during the 4th quarter valued at $35,855,000. JPMorgan Chase & Co. raised its stake in SITE Centers by 14.1% during the 1st quarter. JPMorgan Chase & Co. now owns 11,031,687 shares of the company’s stock valued at $135,469,000 after buying an additional 1,361,282 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in SITE Centers during the 1st quarter valued at $16,570,000. Finally, State Street Corp raised its stake in SITE Centers by 12.9% during the 1st quarter. State Street Corp now owns 10,803,754 shares of the company’s stock valued at $181,908,000 after buying an additional 1,234,412 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

SITE Centers Trading Down 1.1 %

NYSE:SITC opened at $13.66 on Tuesday. SITE Centers Corp. has a one year low of $10.88 and a one year high of $14.71. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 11.29 and a beta of 1.58. The business has a fifty day moving average price of $14.04 and a 200-day moving average price of $13.38.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.66. SITE Centers had a return on equity of 14.00% and a net margin of 49.25%. The business had revenue of $123.20 million during the quarter, compared to analyst estimates of $127.81 million. During the same quarter in the prior year, the business posted $0.29 EPS. SITE Centers’s revenue for the quarter was down 9.7% compared to the same quarter last year. Sell-side analysts forecast that SITE Centers Corp. will post 0.94 EPS for the current year.

SITE Centers Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Thursday, March 14th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.52 dividend on an annualized basis and a yield of 3.81%. SITE Centers’s payout ratio is presently 42.98%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wolfe Research lowered SITE Centers from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 5th. Piper Sandler reduced their price objective on SITE Centers from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, December 20th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $15.50 price objective on shares of SITE Centers in a research note on Monday, April 1st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, SITE Centers has a consensus rating of “Hold” and a consensus price target of $14.25.

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.