JPMorgan Chase & Co. Sells 1,805,710 Shares of SITE Centers Corp. (NYSE:SITC)

JPMorgan Chase & Co. reduced its stake in SITE Centers Corp. (NYSE:SITC) by 77.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 519,043 shares of the company’s stock after selling 1,805,710 shares during the period. JPMorgan Chase & Co. owned 0.99% of SITE Centers worth $31,402,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SITC. World Investment Advisors LLC purchased a new position in SITE Centers during the third quarter valued at $622,000. Virtu Financial LLC purchased a new position in SITE Centers during the 3rd quarter valued at about $2,399,000. Neo Ivy Capital Management bought a new stake in SITE Centers during the third quarter worth about $202,000. Vestcor Inc purchased a new stake in SITE Centers in the third quarter worth about $95,000. Finally, Jane Street Group LLC increased its stake in shares of SITE Centers by 3.3% during the third quarter. Jane Street Group LLC now owns 183,217 shares of the company’s stock valued at $11,085,000 after purchasing an additional 5,779 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SITC. StockNews.com began coverage on SITE Centers in a research note on Wednesday, December 4th. They issued a “hold” rating on the stock. Compass Point dropped their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Citigroup cut their price objective on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Stifel Nicolaus boosted their price target on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Morgan Stanley boosted their target price 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $36.04.

Insider Buying and Selling

In other SITE Centers news, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.54, for a total transaction of $58,554.72. Following the transaction, the director now directly owns 29,082 shares in the company, valued at $451,934.28. This represents a 11.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David R. Lukes sold 168,895 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now owns 136,008 shares in the company, valued at approximately $2,093,163.12. The trade was a 55.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is owned by insiders.

SITE Centers Price Performance

Shares of NYSE SITC opened at $14.95 on Tuesday. The firm has a 50-day simple moving average of $15.65 and a 200-day simple moving average of $90.40. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $783.83 million, a price-to-earnings ratio of 1.09 and a beta of 1.61. SITE Centers Corp. has a 52 week low of $14.74 and a 52 week high of $64.44.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. SITE Centers’s revenue was down 37.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.32 EPS. On average, equities analysts predict that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

SITE Centers Company 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.