Louisiana State Employees Retirement System Takes $1.23 Million Position in SITE Centers Corp. (NYSE:SITC)

Louisiana State Employees Retirement System purchased a new stake in shares of SITE Centers Corp. (NYSE:SITC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 90,100 shares of the company’s stock, valued at approximately $1,228,000.

Several other large investors have also recently modified their holdings of the business. Evergreen Capital Management LLC raised its stake in SITE Centers by 6.9% during the third quarter. Evergreen Capital Management LLC now owns 12,770 shares of the company’s stock worth $159,000 after buying an additional 828 shares during the last quarter. Park Avenue Securities LLC bought a new position in SITE Centers during the third quarter worth $180,000. Allspring Global Investments Holdings LLC raised its stake in SITE Centers by 9.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,540 shares of the company’s stock worth $192,000 after buying an additional 1,304 shares during the last quarter. QRG Capital Management Inc. bought a new position in SITE Centers during the third quarter worth $219,000. Finally, Pensionfund DSM Netherlands bought a new position in SITE Centers during the fourth quarter worth $273,000. Institutional investors own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

SITC has been the subject of a number of analyst reports. Wells Fargo & Company reissued an “overweight” rating and set a $15.50 target price on shares of SITE Centers in a research note on Monday, April 1st. Wolfe Research downgraded shares of SITE Centers from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.25.

SITE Centers Trading Up 0.9 %

SITC opened at $13.77 on Tuesday. SITE Centers Corp. has a 1-year low of $10.88 and a 1-year high of $14.71. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 0.81. The company has a market cap of $2.88 billion, a P/E ratio of 11.38 and a beta of 1.58. The company has a fifty day moving average price of $14.02 and a two-hundred day moving average price of $13.43.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.66. SITE Centers had a net margin of 49.25% and a return on equity of 14.00%. The firm had revenue of $123.20 million during the quarter, compared to the consensus estimate of $127.81 million. During the same period in the previous year, the firm posted $0.29 earnings per share. The business’s revenue was down 9.7% compared to the same quarter last year. Analysts predict that SITE Centers Corp. will post 0.94 EPS for the current fiscal year.

SITE Centers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date was Wednesday, March 13th. SITE Centers’s dividend payout ratio is currently 42.98%.

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.