Norges Bank Acquires Shares of 236,301 SITE Centers Corp. (NYSE:SITC)

Norges Bank bought a new stake in shares of SITE Centers Corp. (NYSE:SITC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 236,301 shares of the company’s stock, valued at approximately $3,613,000.

Several other large investors also recently modified their holdings of the stock. Pacer Advisors Inc. bought a new stake in SITE Centers during the fourth quarter worth about $34,297,000. Vanguard Group Inc. raised its position in shares of SITE Centers by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company’s stock valued at $111,556,000 after buying an additional 675,190 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in shares of SITE Centers during the 4th quarter worth approximately $5,401,000. Advisors Preferred LLC acquired a new stake in shares of SITE Centers during the 4th quarter worth approximately $2,517,000. Finally, Bank of New York Mellon Corp increased its stake in SITE Centers by 34.5% in the fourth quarter. Bank of New York Mellon Corp now owns 614,919 shares of the company’s stock valued at $9,402,000 after acquiring an additional 157,818 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

SITE Centers Price Performance

SITE Centers stock opened at $11.41 on Friday. The company has a market capitalization of $598.23 million, a PE ratio of 0.83 and a beta of 1.30. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock has a 50-day moving average price of $13.37 and a two-hundred day moving average price of $16.21. SITE Centers Corp. has a 12 month low of $10.46 and a 12 month high of $64.44.

SITE Centers (NYSE:SITC) last issued its quarterly earnings data on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. Analysts expect that SITE Centers Corp. will post 3.24 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SITC shares. Piper Sandler cut their target price on SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company reduced their price objective on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research note on Wednesday, March 26th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.25.

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.