SITE Centers Corp. (NYSE:SITC) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in SITE Centers Corp. (NYSE:SITC) by 24.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,493 shares of the company’s stock after acquiring an additional 6,480 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in SITE Centers were worth $443,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Lindbrook Capital LLC boosted its holdings in shares of SITE Centers by 30.4% in the 4th quarter. Lindbrook Capital LLC now owns 5,219 shares of the company’s stock valued at $71,000 after purchasing an additional 1,218 shares during the last quarter. Cornerstone Investment Partners LLC purchased a new stake in SITE Centers during the fourth quarter valued at about $159,000. Evergreen Capital Management LLC increased its stake in SITE Centers by 6.9% during the third quarter. Evergreen Capital Management LLC now owns 12,770 shares of the company’s stock worth $159,000 after acquiring an additional 828 shares during the last quarter. Park Avenue Securities LLC purchased a new position in shares of SITE Centers in the 3rd quarter worth about $180,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of SITE Centers by 9.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,540 shares of the company’s stock worth $192,000 after purchasing an additional 1,304 shares during the period. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SITC. Wells Fargo & Company restated an “overweight” rating and issued a $15.50 price target on shares of SITE Centers in a report on Monday, April 1st. Wolfe Research downgraded shares of SITE Centers from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 5th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, SITE Centers currently has an average rating of “Hold” and a consensus target price of $14.25.

SITE Centers Stock Performance

Shares of NYSE:SITC opened at $13.62 on Friday. The company has a market cap of $2.85 billion, a P/E ratio of 11.25 and a beta of 1.58. SITE Centers Corp. has a one year low of $10.88 and a one year high of $14.71. The business’s 50-day simple moving average is $13.99 and its 200 day simple moving average is $13.45. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.24 and a current ratio of 3.24.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.66. The company had revenue of $123.20 million for the quarter, compared to analyst estimates of $127.81 million. SITE Centers had a net margin of 49.25% and a return on equity of 14.00%. The business’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share. On average, sell-side analysts forecast that SITE Centers Corp. will post 0.88 earnings per share for the current fiscal year.

SITE Centers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Thursday, March 14th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.52 dividend on an annualized basis and a yield of 3.82%. SITE Centers’s payout ratio is currently 42.98%.

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.