Franklin Resources Inc. Sells 333,165 Shares of SITE Centers Corp. (NYSE:SITC)

Franklin Resources Inc. trimmed its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 70.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 137,110 shares of the company’s stock after selling 333,165 shares during the quarter. Franklin Resources Inc.’s holdings in SITE Centers were worth $8,295,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System grew its holdings in SITE Centers by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock valued at $1,315,000 after purchasing an additional 1,500 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of SITE Centers during the 2nd quarter valued at approximately $42,000. Signature Estate & Investment Advisors LLC bought a new position in shares of SITE Centers during the 2nd quarter valued at approximately $248,000. Panagora Asset Management Inc. purchased a new stake in SITE Centers in the 2nd quarter worth approximately $3,089,000. Finally, Peregrine Capital Management LLC lifted its holdings in SITE Centers by 13.3% during the second quarter. Peregrine Capital Management LLC now owns 488,993 shares of the company’s stock valued at $7,090,000 after purchasing an additional 57,281 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value of $2,599,294.05. Following the sale, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawn M. Sweeney sold 3,768 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.54, for a total value of $58,554.72. Following the sale, the director now directly owns 29,082 shares of the company’s stock, valued at $451,934.28. This represents a 11.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SITC has been the topic of several recent analyst reports. Stifel Nicolaus raised their price objective on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research report on Thursday, September 19th. Truist Financial boosted their price objective on SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Citigroup cut their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Morgan Stanley boosted their price target on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Finally, Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $36.04.

SITE Centers Stock Performance

SITE Centers stock opened at $15.46 on Monday. The company’s 50-day moving average price is $16.03 and its 200-day moving average price is $108.11. 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 market cap of $810.57 million, a PE ratio of 1.13 and a beta of 1.61. SITE Centers Corp. has a twelve month low of $14.84 and a twelve month high of $64.44.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $5.20. The business had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company’s revenue for the quarter was down 37.5% on a year-over-year basis. During the same period last year, the company earned $1.32 EPS. On average, equities research analysts forecast that SITE Centers Corp. will post 3.36 EPS for the current fiscal year.

SITE Centers Company 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.