Bank of New York Mellon Corp Acquires 157,818 Shares of SITE Centers Corp. (NYSE:SITC)

Bank of New York Mellon Corp boosted its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 34.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 614,919 shares of the company’s stock after acquiring an additional 157,818 shares during the quarter. Bank of New York Mellon Corp’s holdings in SITE Centers were worth $9,402,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SITC. Graham Capital Wealth Management LLC acquired a new position in shares of SITE Centers during the 4th quarter valued at $2,226,000. Advisors Preferred LLC acquired a new position in shares of SITE Centers during the 4th quarter valued at $2,517,000. Meeder Asset Management Inc. acquired a new position in shares of SITE Centers during the 3rd quarter valued at $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of SITE Centers by 19.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company’s stock valued at $19,612,000 after acquiring an additional 53,412 shares during the period. Finally, CWA Asset Management Group LLC acquired a new position in shares of SITE Centers during the 4th quarter valued at $606,000. 88.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SITC shares. Citigroup dropped their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Piper Sandler lowered their price objective on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. StockNews.com downgraded shares of SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Finally, Wells Fargo & Company lowered their price objective on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, SITE Centers currently has a consensus rating of “Hold” and a consensus price target of $35.61.

SITE Centers Stock Up 0.4 %

Shares of SITE Centers stock opened at $12.71 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. SITE Centers Corp. has a 52-week low of $12.58 and a 52-week high of $64.44. The stock has a market capitalization of $666.12 million, a price-to-earnings ratio of 0.93 and a beta of 1.63. The company’s 50 day moving average price is $14.57 and its 200-day moving average price is $23.03.

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

Insider Activity

In other news, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.54, for a total value of $58,554.72. Following the completion of the transaction, the director now owns 29,082 shares of the company’s stock, valued at $451,934.28. The trade was a 11.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John M. Cattonar sold 8,794 shares of SITE Centers stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The disclosure for this sale can be found here. Company insiders own 10.10% of the company’s stock.

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.