Pacer Advisors Inc. Takes $34.30 Million Position in SITE Centers Corp. (NYSE:SITC)

Pacer Advisors Inc. purchased a new position in shares of SITE Centers Corp. (NYSE:SITC) during the fourth quarter, Holdings Channel reports. The firm purchased 2,243,077 shares of the company’s stock, valued at approximately $34,297,000.

Several other large investors also recently bought and sold shares of the business. Vestcor Inc purchased a new position in SITE Centers in the 3rd quarter worth approximately $95,000. Neo Ivy Capital Management acquired a new stake in shares of SITE Centers in the third quarter valued at approximately $202,000. Systematic Financial Management LP purchased a new position in SITE Centers during the third quarter worth approximately $203,000. Quarry LP boosted its stake in SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after buying an additional 2,857 shares during the last quarter. Finally, KBC Group NV grew its holdings 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 in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SITC shares. Morgan Stanley lifted their price target on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Compass Point decreased their target price 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. Wells Fargo & Company downgraded shares of SITE Centers from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $68.00 to $19.00 in a report on Wednesday, October 2nd. Piper Sandler reduced their price target on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Citigroup lowered their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $36.04.

Insider Activity

In other SITE Centers news, EVP John M. Cattonar sold 8,794 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the transaction, the chief executive officer now owns 136,008 shares of the company’s stock, valued at $2,093,163.12. The trade was a 55.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is currently owned by company insiders.

SITE Centers Stock Up 0.9 %

Shares of NYSE SITC opened at $15.66 on Tuesday. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average is $15.39 and its two-hundred day moving average is $67.60. SITE Centers Corp. has a 52-week low of $14.55 and a 52-week high of $64.44. The firm has a market cap of $821.05 million, a price-to-earnings ratio of 1.15 and a beta of 1.61.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (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 analyst estimates of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. SITE Centers’s revenue was down 37.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.32 EPS. Research analysts predict that SITE Centers Corp. will post 3.24 EPS for the current year.

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.