HighTower Advisors LLC Sells 29,750 Shares of SITE Centers Corp. (NYSE:SITC)

HighTower Advisors LLC decreased its stake in shares of SITE Centers Corp. (NYSE:SITC) by 75.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,892 shares of the company’s stock after selling 29,750 shares during the quarter. HighTower Advisors LLC’s holdings in SITE Centers were worth $600,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in SITE Centers in the second quarter worth $42,000. Quarry LP boosted its position in shares of SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares in the last quarter. Evergreen Capital Management LLC acquired a new stake in shares of SITE Centers in the 2nd quarter valued at about $167,000. Custom Index Systems LLC bought a new stake in SITE Centers in the 2nd quarter valued at about $242,000. Finally, Signature Estate & Investment Advisors LLC acquired a new position in SITE Centers during the 2nd quarter worth approximately $248,000. Institutional investors own 88.70% of the company’s stock.

Insiders Place Their Bets

In other news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now directly owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the sale, the director now directly owns 29,082 shares in the company, valued at $451,934.28. This trade represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SITC. Piper Sandler decreased their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. StockNews.com started coverage on shares of SITE Centers in a research note on Wednesday, December 4th. They set a “hold” rating for the company. Compass Point lowered their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Finally, Citigroup lowered their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Nine 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, the stock has an average rating of “Hold” and a consensus target price of $36.04.

SITE Centers Stock Down 1.7 %

SITC opened at $15.01 on Friday. SITE Centers Corp. has a fifty-two week low of $15.00 and a fifty-two week high of $64.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The company’s 50-day moving average is $16.07 and its 200 day moving average is $110.49. The firm has a market capitalization of $786.97 million, a P/E ratio of 1.10 and a beta of 1.61.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping the consensus estimate of $0.87 by $5.20. The firm had revenue of $89.43 million for the quarter, compared to analysts’ expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company’s quarterly revenue was down 37.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.32 EPS. Research analysts expect that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

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.