SITE Centers Corp. (NYSE:SITC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in SITE Centers Corp. (NYSE:SITC) by 75.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 259,789 shares of the company’s stock after selling 784,554 shares during the period. Principal Financial Group Inc. owned 0.50% of SITE Centers worth $15,717,000 at the end of the most recent quarter.

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

SITE Centers Stock Performance

NYSE:SITC opened at $15.62 on Monday. The company has a fifty day moving average of $30.23 and a two-hundred day moving average of $144.35. SITE Centers Corp. has a fifty-two week low of $15.52 and a fifty-two week high of $64.44. The stock has a market capitalization of $818.96 million, a PE ratio of 1.14 and a beta of 1.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping 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 the consensus estimate of $104.55 million. During the same quarter in the prior year, the firm earned $1.32 EPS. The company’s revenue for the quarter was down 37.5% on a year-over-year basis. As a group, research analysts forecast that SITE Centers Corp. will post 2.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Evercore ISI raised SITE Centers to a “hold” rating in a research report on Wednesday, July 31st. Wells Fargo & Company downgraded SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Morgan Stanley raised 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. Stifel Nicolaus boosted their target price on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, KeyCorp restated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price 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.