Vanguard Group Inc. Has $366.58 Million Position in SITE Centers Corp. (NYSE:SITC)

Vanguard Group Inc. reduced its position in shares of SITE Centers Corp. (NYSE:SITCFree Report) by 1.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,730,771 shares of the company’s stock after selling 330,908 shares during the quarter. Vanguard Group Inc. owned 14.20% of SITE Centers worth $366,580,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in shares of SITE Centers in the first quarter worth $76,000. Tower Research Capital LLC TRC increased its stake in shares of SITE Centers by 206.3% in the first quarter. Tower Research Capital LLC TRC now owns 5,845 shares of the company’s stock worth $71,000 after acquiring an additional 3,937 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of SITE Centers by 826.3% in the second quarter. Bessemer Group Inc. now owns 7,772 shares of the company’s stock worth $103,000 after acquiring an additional 6,933 shares during the last quarter. First Manhattan Co. acquired a new position in shares of SITE Centers in the first quarter worth $155,000. Finally, Mackenzie Financial Corp acquired a new position in shares of SITE Centers in the first quarter worth $182,000. 88.70% of the stock is owned by institutional investors and hedge funds.

SITE Centers Stock Up 0.4 %

SITC stock opened at $14.11 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.24 and a quick ratio of 3.24. SITE Centers Corp. has a 52-week low of $10.88 and a 52-week high of $14.71. The company has a 50-day moving average of $13.89 and a two-hundred day moving average of $13.27. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 11.66 and a beta of 1.57.

SITE Centers (NYSE:SITCGet Free Report) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.66. SITE Centers had a net margin of 49.25% and a return on equity of 14.00%. The company had revenue of $123.20 million during the quarter, compared to analysts’ expectations of $127.81 million. During the same period in the prior year, the company earned $0.29 earnings per share. The business’s quarterly revenue was down 9.7% compared to the same quarter last year. As a group, equities research analysts anticipate that SITE Centers Corp. will post 0.94 EPS for the current year.

SITE Centers Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Thursday, March 14th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Wednesday, March 13th. SITE Centers’s payout ratio is presently 42.98%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SITC shares. Piper Sandler lowered their target price on shares of SITE Centers from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 20th. Mizuho lowered their target price on shares of SITE Centers from $15.00 to $11.00 and set a “neutral” rating on the stock in a research report on Friday, December 1st. Finally, Wolfe Research downgraded shares of SITE Centers from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.13.

View Our Latest Stock Analysis on SITE Centers

SITE Centers Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for SITE Centers (NYSE:SITC)

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