The Manufacturers Life Insurance Company Sells 78,552 Shares of SITE Centers Corp. (NYSE:SITC)

The Manufacturers Life Insurance Company decreased its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 75.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,586 shares of the company’s stock after selling 78,552 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in SITE Centers were worth $1,548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of SITE Centers during the 2nd quarter worth $42,000. Quarry LP raised its stake in shares of SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after acquiring an additional 2,857 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of SITE Centers in the 2nd quarter valued at $152,000. Evergreen Capital Management LLC purchased a new position in SITE Centers in the 2nd quarter worth $167,000. Finally, Vanderbilt University grew its stake in shares of SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock valued at $179,000 after buying an additional 1,126 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Price Performance

NYSE:SITC opened at $15.37 on Wednesday. The company has a market capitalization of $805.85 million, a P/E ratio of 1.13 and a beta of 1.61. The business’s 50-day moving average is $16.36 and its 200 day moving average is $120.78. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers Corp. has a 12 month low of $15.26 and a 12 month high of $64.44.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. The firm had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business’s quarterly revenue was down 37.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.32 EPS. On average, equities research analysts forecast that SITE Centers Corp. will post 2.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SITC. Wells Fargo & Company lowered SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Stifel Nicolaus boosted their target price on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Truist Financial raised their price target on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. Morgan Stanley increased their price target on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $36.04.

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.