Los Angeles Capital Management LLC Buys New Shares in SITE Centers Corp. (NYSE:SITC)

Los Angeles Capital Management LLC bought a new stake in shares of SITE Centers Corp. (NYSE:SITC) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 5,867 shares of the company’s stock, valued at approximately $355,000.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in SITE Centers during the 2nd quarter valued at $42,000. Quarry LP raised its stake in SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new position in SITE Centers during the 1st quarter valued at $147,000. Diversified Trust Co acquired a new position in SITE Centers during the 2nd quarter valued at $152,000. Finally, Evergreen Capital Management LLC acquired a new position in SITE Centers during the 2nd quarter valued at $167,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

SITE Centers Trading Down 0.9 %

Shares of SITE Centers stock opened at $15.62 on Monday. The stock has a market capitalization of $818.96 million, a P/E ratio of 1.14 and a beta of 1.62. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The company has a 50-day simple moving average of $30.23 and a 200 day simple moving average of $144.35. SITE Centers Corp. has a 12-month low of $15.52 and a 12-month high of $64.44.

SITE Centers (NYSE:SITC) last announced 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. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $89.43 million during the quarter, compared to analysts’ expectations of $104.55 million. During the same quarter last year, the company posted $1.32 EPS. The firm’s revenue for the quarter was down 37.5% on a year-over-year basis. Research analysts expect that SITE Centers Corp. will post 2.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Truist Financial increased their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Stifel Nicolaus increased their price objective on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Piper Sandler dropped their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, SITE Centers has a consensus rating of “Hold” and an average price target of $58.89.

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.