Arizona State Retirement System Has $718,000 Stake in SITE Centers Corp. (NYSE:SITC)

Arizona State Retirement System reduced its stake in SITE Centers Corp. (NYSE:SITC) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,652 shares of the company’s stock after selling 972 shares during the quarter. Arizona State Retirement System’s holdings in SITE Centers were worth $718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Invesco Ltd. raised its holdings in shares of SITE Centers by 36.0% in the third quarter. Invesco Ltd. now owns 781,459 shares of the company’s stock valued at $9,635,000 after purchasing an additional 206,827 shares during the last quarter. Quantbot Technologies LP bought a new stake in SITE Centers during the 3rd quarter worth about $1,178,000. Hsbc Holdings PLC boosted its stake in shares of SITE Centers by 13.7% during the 3rd quarter. Hsbc Holdings PLC now owns 1,159,418 shares of the company’s stock worth $14,327,000 after buying an additional 140,134 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of SITE Centers in the 3rd quarter valued at about $1,197,000. Finally, JPMorgan Chase & Co. increased its position in shares of SITE Centers by 2.1% in the third quarter. JPMorgan Chase & Co. now owns 18,476,250 shares of the company’s stock valued at $227,812,000 after acquiring an additional 384,823 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

SITE Centers Price Performance

Shares of NYSE SITC opened at $13.55 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 0.81. The business’s 50 day moving average price is $14.02 and its two-hundred day moving average price is $13.38. The company has a market cap of $2.84 billion, a PE ratio of 11.20 and a beta of 1.58. SITE Centers Corp. has a twelve month low of $10.88 and a twelve month high of $14.71.

SITE Centers (NYSE:SITC) last posted its earnings results on Tuesday, February 13th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.66. SITE Centers had a return on equity of 14.00% and a net margin of 49.25%. The business had revenue of $123.20 million for the quarter, compared to analyst estimates of $127.81 million. During the same period in the previous year, the firm earned $0.29 EPS. The firm’s revenue was down 9.7% compared to the same quarter last year. On average, analysts predict that SITE Centers Corp. will post 0.94 EPS for the current year.

SITE Centers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Thursday, March 14th were paid a $0.13 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.52 dividend on an annualized basis and a yield of 3.84%. SITE Centers’s dividend payout ratio (DPR) is currently 42.98%.

Analysts Set New Price Targets

SITC has been the subject of several recent research reports. Wolfe Research cut SITE Centers from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 5th. Wells Fargo & Company reissued an “overweight” rating and issued a $15.50 price objective on shares of SITE Centers in a report on Monday, April 1st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.25.

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.