SITE Centers Corp. (NYSE:SITC) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 12.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,489 shares of the company’s stock after selling 3,097 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in SITE Centers were worth $344,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in SITC. Illinois Municipal Retirement Fund lifted its stake in SITE Centers by 3.0% in the fourth quarter. Illinois Municipal Retirement Fund now owns 25,206 shares of the company’s stock worth $385,000 after acquiring an additional 730 shares during the last quarter. Van ECK Associates Corp grew its position in shares of SITE Centers by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after acquiring an additional 833 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of SITE Centers by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 30,425 shares of the company’s stock valued at $465,000 after buying an additional 1,598 shares during the last quarter. KBC Group NV lifted its holdings in shares of SITE Centers by 170.4% during the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after purchasing an additional 2,193 shares during the period. Finally, Meeder Asset Management Inc. boosted its holdings in shares of SITE Centers by 5.1% in the fourth quarter. Meeder Asset Management Inc. now owns 45,105 shares of the company’s stock valued at $690,000 after acquiring an additional 2,199 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SITC shares. StockNews.com cut shares of SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Piper Sandler decreased their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Wells Fargo & Company decreased their target price on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, SITE Centers has an average rating of “Hold” and an average target price of $35.25.

SITE Centers Stock Up 1.2%

NYSE:SITC opened at $12.50 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. SITE Centers Corp. has a one year low of $10.46 and a one year high of $64.44. The stock has a 50-day simple moving average of $12.14 and a 200 day simple moving average of $14.11. The company has a market capitalization of $655.30 million, a price-to-earnings ratio of 0.91 and a beta of 1.32.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, May 7th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $40.35 million during the quarter, compared to the consensus estimate of $33.50 million. During the same quarter in the previous year, the business posted $0.28 earnings per share. The business’s quarterly revenue was down 66.6% compared to the same quarter last year. Sell-side analysts predict that SITE Centers Corp. will post 3.24 EPS for the current fiscal 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.