Principal Financial Group Inc. Buys 6,931 Shares of Site Centers Corp. (NYSE:SITC)

Principal Financial Group Inc. raised its holdings in Site Centers Corp. (NYSE:SITC) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 277,998 shares of the company’s stock after buying an additional 6,931 shares during the quarter. Principal Financial Group Inc. owned about 0.53% of Site Centers worth $3,569,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SITC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Site Centers by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,032 shares of the company’s stock worth $413,000 after buying an additional 1,011 shares in the last quarter. Deutsche Bank AG grew its stake in Site Centers by 1.9% in the fourth quarter. Deutsche Bank AG now owns 63,704 shares of the company’s stock worth $974,000 after purchasing an additional 1,195 shares in the last quarter. MetLife Investment Management LLC grew its stake in Site Centers by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 30,425 shares of the company’s stock worth $465,000 after purchasing an additional 1,598 shares in the last quarter. Meeder Asset Management Inc. boosted its position in Site Centers by 5.1% during the 4th 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. Finally, Covestor Ltd boosted its position in Site Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock valued at $57,000 after acquiring an additional 3,112 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

Site Centers Stock Performance

Shares of SITC stock opened at $11.25 on Friday. The firm has a market cap of $589.85 million, a P/E ratio of 1.09 and a beta of 1.31. The stock’s 50-day moving average is $11.94 and its two-hundred day moving average is $12.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. Site Centers Corp. has a fifty-two week low of $10.46 and a fifty-two week high of $64.44.

Site Centers (NYSE:SITC) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.02). Site Centers had a net margin of 201.78% and a return on equity of 39.38%. The business had revenue of $40.35 million during the quarter, compared to the consensus estimate of $33.50 million. During the same period last year, the firm earned $0.28 EPS. The company’s quarterly revenue was down 66.6% compared to the same quarter last year. Analysts predict that Site Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Site Centers Announces Dividend

The firm also recently declared a special dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $1.50 per share.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SITC. Wells Fargo & Company reduced their target price on Site Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Wall Street Zen upgraded Site Centers from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Site Centers in a report on Tuesday, July 8th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Site Centers has a consensus rating of “Hold” and a consensus target price of $35.25.

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.