Citigroup Inc. Cuts Position in SITE Centers Corp. (NYSE:SITC)

Citigroup Inc. trimmed its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 64.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,940 shares of the company’s stock after selling 128,121 shares during the quarter. Citigroup Inc. owned 0.14% of SITE Centers worth $4,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SITC. Price T Rowe Associates Inc. MD raised its holdings in SITE Centers by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 131,109 shares of the company’s stock worth $1,921,000 after purchasing an additional 6,943 shares during the period. Diversified Trust Co acquired a new position in SITE Centers in the second quarter valued at approximately $152,000. Vanderbilt University lifted its stake in SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company’s stock worth $179,000 after purchasing an additional 1,126 shares in the last quarter. TCW Group Inc. lifted its stake in SITE Centers by 91.6% during the second quarter. TCW Group Inc. now owns 214,796 shares of the company’s stock worth $3,115,000 after purchasing an additional 102,673 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of SITE Centers by 2.2% in the second quarter. Nisa Investment Advisors LLC now owns 87,671 shares of the company’s stock valued at $1,282,000 after acquiring an additional 1,894 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

SITE Centers Price Performance

NYSE SITC opened at $15.59 on Wednesday. SITE Centers Corp. has a 52 week low of $15.43 and a 52 week high of $64.44. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The stock has a market cap of $817.38 million, a price-to-earnings ratio of 1.14 and a beta of 1.61. The company has a 50-day moving average price of $20.78 and a two-hundred day moving average price of $128.23.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. The company had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business’s revenue for the quarter was down 37.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.32 EPS. Analysts forecast that SITE Centers Corp. will post 2.9 EPS for the current year.

Analysts Set New Price Targets

SITC has been the topic of several analyst reports. Stifel Nicolaus increased their price objective on SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Truist Financial raised their price objective on SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Compass Point lowered their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Piper Sandler reduced their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, StockNews.com initiated coverage on shares of SITE Centers in a research report on Wednesday. They set a “hold” rating for the company. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.38.

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.