SITE Centers Corp. (NYSE:SITC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of SITE Centers Corp. (NYSE:SITC) by 75.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 259,789 shares of the company’s stock after selling 784,554 shares during the period. Principal Financial Group Inc.’s holdings in SITE Centers were worth $15,717,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Long Pond Capital LP grew its holdings in shares of SITE Centers by 403.8% in the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after purchasing an additional 4,644,142 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of SITE Centers by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,719,081 shares of the company’s stock valued at $39,426,000 after buying an additional 31,529 shares during the period. APG Asset Management US Inc. increased its holdings in shares of SITE Centers by 145.0% during the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after buying an additional 535,550 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of SITE Centers by 6.8% during the 2nd quarter. Renaissance Technologies LLC now owns 882,336 shares of the company’s stock valued at $12,794,000 after buying an additional 56,013 shares during the period. Finally, Bank of Montreal Can lifted its holdings in SITE Centers by 3,017.5% in the second quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after acquiring an additional 739,174 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Evercore ISI raised SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. StockNews.com raised SITE Centers from a “hold” rating to a “buy” rating in a research report on Saturday, November 2nd. Truist Financial upped their target price on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Morgan Stanley increased their target price 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, Compass Point reduced their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.89.

SITE Centers Stock Down 0.9 %

Shares of SITC opened at $15.62 on Monday. The company’s 50-day simple moving average is $30.23 and its 200-day simple moving average is $144.35. 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 Corp. has a 1 year low of $15.52 and a 1 year high of $64.44. The stock has a market capitalization of $818.96 million, a PE ratio of 1.14 and a beta of 1.62.

SITE Centers (NYSE:SITC) last released its earnings results 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 analyst estimates of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm’s quarterly revenue was down 37.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.32 EPS. Analysts forecast that SITE Centers Corp. will post 2.9 earnings per share for the current fiscal year.

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.