KBC Group NV Decreases Stake in SITE Centers Corp. (NYSE:SITC)

KBC Group NV reduced its stake in shares of SITE Centers Corp. (NYSE:SITC) by 75.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,287 shares of the company’s stock after selling 3,863 shares during the period. KBC Group NV’s holdings in SITE Centers were worth $78,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new stake in SITE Centers during the 2nd quarter worth about $42,000. Quarry LP raised its stake in shares of SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of SITE Centers during the first quarter worth about $147,000. Diversified Trust Co purchased a new stake in SITE Centers in the second quarter valued at approximately $152,000. Finally, Evergreen Capital Management LLC acquired a new position in SITE Centers in the 2nd quarter worth approximately $167,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SITC has been the subject of several research reports. Compass Point decreased their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Truist Financial upped their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. StockNews.com began coverage on SITE Centers in a research note on Monday, November 18th. They set a “buy” rating for the company. Morgan Stanley upped their target price on 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, KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, SITE Centers presently has a consensus rating of “Hold” and a consensus target price of $58.89.

SITE Centers Stock Performance

Shares of SITC stock opened at $16.08 on Friday. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers Corp. has a 12-month low of $15.43 and a 12-month high of $64.44. The business’s 50 day moving average is $26.01 and its two-hundred day moving average is $138.25. The company has a market capitalization of $843.07 million, a P/E ratio of 1.18 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 firm had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm’s revenue for the quarter was down 37.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.32 EPS. Analysts expect that SITE Centers Corp. will post 2.9 EPS 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.