SITE Centers Corp. (NYSE:SITC) Stake Trimmed by Janus Henderson Group PLC

Janus Henderson Group PLC cut its position in shares of SITE Centers Corp. (NYSE:SITC) by 75.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,177 shares of the company’s stock after selling 63,533 shares during the quarter. Janus Henderson Group PLC’s holdings in SITE Centers were worth $1,281,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Diversified Trust Co purchased a new position in SITE Centers in the second quarter valued at about $152,000. TCW Group Inc. grew its stake in shares of SITE Centers by 91.6% in the 2nd quarter. TCW Group Inc. now owns 214,796 shares of the company’s stock valued at $3,115,000 after buying an additional 102,673 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in SITE Centers by 2.2% in the second quarter. Nisa Investment Advisors LLC now owns 87,671 shares of the company’s stock worth $1,282,000 after buying an additional 1,894 shares during the last quarter. Louisiana State Employees Retirement System raised its position in SITE Centers by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock valued at $1,315,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in SITE Centers in the second quarter valued at approximately $42,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

SITE Centers Trading Up 0.2 %

Shares of SITC opened at $15.61 on Friday. The business’s fifty day moving average is $16.24 and its 200-day moving average is $116.37. The firm has a market cap of $818.17 million, a price-to-earnings ratio of 1.14 and a beta of 1.61. SITE Centers Corp. has a 52-week low of $15.24 and a 52-week high of $64.44. 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 (NYSE:SITC) last released its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. The company had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business’s revenue was down 37.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.32 EPS. Equities analysts anticipate that SITE Centers Corp. will post 3.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on SITC. Compass Point lowered their target price on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Stifel Nicolaus raised their price objective 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 boosted their target price on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Piper Sandler dropped their price target on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $36.04.

Insider Buying and Selling at SITE Centers

In other news, CEO David R. Lukes sold 168,895 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the sale, the chief executive officer now owns 136,008 shares in the company, valued at approximately $2,093,163.12. This trade represents a 55.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 10.10% of the company’s stock.

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.