Sumitomo Mitsui Trust Group Inc. Sells 144,242 Shares of SITE Centers Corp. (NYSE:SITC)

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of SITE Centers Corp. (NYSE:SITC) by 73.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,581 shares of the company’s stock after selling 144,242 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.10% of SITE Centers worth $3,121,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of SITC. Long Pond Capital LP boosted its stake in shares of SITE Centers by 403.8% during the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. Bank of Montreal Can boosted its stake in SITE Centers by 3,017.5% during the second quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock worth $11,081,000 after acquiring an additional 739,174 shares in the last quarter. APG Asset Management US Inc. boosted its stake in SITE Centers by 145.0% during the second quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after acquiring an additional 535,550 shares in the last quarter. Panagora Asset Management Inc. bought a new stake in SITE Centers during the second quarter worth about $3,089,000. Finally, Algert Global LLC boosted its stake in SITE Centers by 65.0% during the second quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after acquiring an additional 162,260 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

SITE Centers Stock Up 0.5 %

SITC opened at $15.70 on Tuesday. 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 firm has a 50 day moving average price of $29.41 and a 200-day moving average price of $142.90. SITE Centers Corp. has a twelve month low of $15.43 and a twelve month high of $64.44. The stock has a market capitalization of $823.15 million, a price-to-earnings ratio of 1.15 and a beta of 1.62.

SITE Centers (NYSE:SITC) last released its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $89.43 million during the quarter, compared to analysts’ expectations of $104.55 million. During the same period in the previous year, the company earned $1.32 earnings per share. The firm’s quarterly revenue was down 37.5% on a year-over-year basis. Equities research analysts forecast that SITE Centers Corp. will post 2.9 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SITC shares. StockNews.com started coverage on shares of SITE Centers in a research note on Monday. They set a “buy” rating on the stock. Morgan Stanley boosted their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Compass Point dropped their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Wells Fargo & Company cut shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Finally, Piper Sandler decreased their target price on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.