Principal Financial Group Inc. Boosts Stock Position in SITE Centers Corp. (NYSE:SITC)

Principal Financial Group Inc. boosted its position in shares of SITE Centers Corp. (NYSE:SITC) by 4.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 271,067 shares of the company’s stock after acquiring an additional 11,278 shares during the quarter. Principal Financial Group Inc. owned 0.52% of SITE Centers worth $4,145,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SITC. Vestcor Inc acquired a new stake in shares of SITE Centers during the third quarter worth about $95,000. Neo Ivy Capital Management purchased a new stake in SITE Centers during the 3rd quarter worth approximately $202,000. Systematic Financial Management LP acquired a new stake in SITE Centers during the 3rd quarter worth approximately $203,000. KBC Group NV boosted its position in SITE Centers by 170.4% in the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after buying an additional 2,193 shares during the period. Finally, Quantinno Capital Management LP acquired a new position in shares of SITE Centers in the third quarter worth $244,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

SITE Centers Trading Down 3.9 %

NYSE:SITC opened at $13.46 on Tuesday. 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 Corp. has a 1 year low of $13.30 and a 1 year high of $32.22. The stock has a market cap of $705.71 million, a P/E ratio of 0.98 and a beta of 1.63. The stock has a 50-day simple moving average of $14.96 and a 200-day simple moving average of $26.84.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $32.87 million during the quarter, compared to analysts’ expectations of $43.58 million. As a group, analysts anticipate that SITE Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SITC has been the topic of several analyst reports. Wells Fargo & Company reduced their price objective on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Piper Sandler reduced their price target on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday. Citigroup decreased their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, StockNews.com upgraded shares of SITE Centers from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $35.61.

Insider Buying and Selling

In other news, EVP John M. Cattonar sold 8,794 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David R. Lukes sold 168,895 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 136,008 shares of the company’s stock, valued at approximately $2,093,163.12. This trade represents a 55.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,457 shares of company stock worth $2,791,693 in the last ninety days. 10.10% of the stock is owned by corporate insiders.

SITE Centers Company 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.