Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in SITE Centers Corp. (NYSE:SITC)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 73.7% in the third quarter, Holdings Channel reports. The institutional investor owned 51,581 shares of the company’s stock after selling 144,242 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in SITE Centers were worth $3,121,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SITC. ProShare Advisors LLC increased its holdings in SITE Centers by 7.4% during the first quarter. ProShare Advisors LLC now owns 38,210 shares of the company’s stock valued at $560,000 after buying an additional 2,647 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in SITE Centers during the first quarter valued at approximately $147,000. CANADA LIFE ASSURANCE Co increased its holdings in SITE Centers by 5.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 447,965 shares of the company’s stock valued at $6,556,000 after buying an additional 22,008 shares during the last quarter. Long Pond Capital LP increased its holdings in SITE Centers by 403.8% during the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after buying an additional 4,644,142 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in SITE Centers by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 131,109 shares of the company’s stock valued at $1,921,000 after buying an additional 6,943 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SITC. Morgan Stanley upped their target price on shares of SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Truist Financial upped their price target on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Compass Point dropped their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Finally, StockNews.com assumed coverage on shares of SITE Centers in a research report on Monday. They issued a “buy” rating for the company. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $58.89.

SITE Centers Price Performance

Shares of NYSE:SITC opened at $15.70 on Tuesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The firm has a fifty day moving average price of $29.41 and a 200 day moving average price of $142.90. SITE Centers Corp. has a fifty-two week low of $15.43 and a fifty-two week high of $64.44. The firm has a market cap of $823.15 million, a price-to-earnings ratio of 1.15 and a beta of 1.62.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. SITE Centers’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 earnings per share. As a group, sell-side analysts expect that SITE Centers Corp. will post 2.9 earnings per share for the current fiscal year.

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.