PNC Financial Services Group Inc. Trims Stock Position in SITE Centers Corp. (NYSE:SITC)

PNC Financial Services Group Inc. reduced its stake in shares of SITE Centers Corp. (NYSE:SITC) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,824 shares of the company’s stock after selling 1,117 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SITE Centers were worth $243,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SITC. Vanguard Group Inc. boosted its holdings in shares of SITE Centers by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 30,339,767 shares of the company’s stock valued at $413,531,000 after buying an additional 608,996 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of SITE Centers by 2.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,476,250 shares of the company’s stock valued at $227,812,000 after buying an additional 384,823 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of SITE Centers by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,341,667 shares of the company’s stock valued at $45,547,000 after buying an additional 43,406 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of SITE Centers by 3.5% during the 3rd quarter. Northern Trust Corp now owns 3,267,272 shares of the company’s stock valued at $40,285,000 after buying an additional 111,547 shares in the last quarter. Finally, Frontier Capital Management Co. LLC boosted its holdings in shares of SITE Centers by 7.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,800,420 shares of the company’s stock valued at $38,170,000 after buying an additional 196,094 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, Director Alexander Otto sold 91,778 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $14.56, for a total value of $1,336,287.68. Following the transaction, the director now owns 19,522,976 shares in the company, valued at approximately $284,254,530.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 1,578,775 shares of company stock worth $22,785,354 in the last quarter. Corporate insiders own 10.10% of the company’s stock.

SITE Centers Stock Performance

Shares of SITE Centers stock opened at $14.36 on Tuesday. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 14.08 and a beta of 1.63. The firm’s 50-day moving average is $14.19 and its 200 day moving average is $13.98. SITE Centers Corp. has a 1 year low of $10.88 and a 1 year high of $14.88. The company has a debt-to-equity ratio of 0.80, a current ratio of 3.54 and a quick ratio of 3.54.

SITE Centers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Tuesday, June 18th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Tuesday, June 18th. SITE Centers’s payout ratio is 50.98%.

Analyst Ratings Changes

Separately, Wells Fargo & Company boosted their target price on shares of SITE Centers from $15.50 to $16.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $14.38.

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.