Jennison Associates LLC Sells 49,946 Shares of SITE Centers Corp. (NYSE:SITC)

Jennison Associates LLC lowered its stake in SITE Centers Corp. (NYSE:SITC) by 76.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,192 shares of the company’s stock after selling 49,946 shares during the quarter. Jennison Associates LLC’s holdings in SITE Centers were worth $919,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SITC. Allspring Global Investments Holdings LLC bought a new stake in SITE Centers in the second quarter valued at $42,000. Quarry LP increased its holdings in shares of SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after acquiring an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new position in shares of SITE Centers in the 1st quarter worth $147,000. Diversified Trust Co acquired a new stake in SITE Centers in the 2nd quarter valued at $152,000. Finally, Evergreen Capital Management LLC bought a new stake in SITE Centers during the 2nd quarter valued at $167,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Stock Performance

NYSE SITC opened at $16.10 on Friday. 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 company has a market capitalization of $844.12 million, a PE ratio of 1.18 and a beta of 1.62. SITE Centers Corp. has a 52-week low of $15.43 and a 52-week high of $64.44. The company has a 50-day simple moving average of $26.01 and a 200 day simple moving average of $137.65.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 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 company had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. During the same quarter in the previous year, the firm posted $1.32 EPS. SITE Centers’s revenue was down 37.5% on a year-over-year basis. On average, research analysts predict that SITE Centers Corp. will post 2.9 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Morgan Stanley lifted their price target on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Evercore ISI raised SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Finally, Truist Financial increased their price target on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus 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.