Franklin Resources Inc. cut its position in SITE Centers Corp. (NYSE:SITC - Free Report) by 70.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,110 shares of the company's stock after selling 333,165 shares during the quarter. Franklin Resources Inc. owned about 0.26% of SITE Centers worth $8,295,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new stake in shares of SITE Centers in the third quarter valued at approximately $2,596,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of SITE Centers by 19.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,157 shares of the company's stock valued at $19,612,000 after buying an additional 53,412 shares during the period. Soros Fund Management LLC bought a new stake in shares of SITE Centers during the third quarter valued at about $3,025,000. Jane Street Group LLC increased its holdings in SITE Centers by 3.3% during the 3rd quarter. Jane Street Group LLC now owns 183,217 shares of the company's stock worth $11,085,000 after acquiring an additional 5,779 shares during the period. Finally, Virtu Financial LLC purchased a new stake in SITE Centers in the 3rd quarter worth approximately $2,399,000. Hedge funds and other institutional investors own 88.70% of the company's stock.
NYSE SITC opened at $15.46 on Monday. SITE Centers Corp. has a twelve month low of $14.84 and a twelve month high of $64.44. The firm has a market capitalization of $810.57 million, a PE ratio of 1.13 and a beta of 1.61. The stock's 50 day moving average is $16.03 and its 200 day moving average is $108.11. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.
SITE Centers (NYSE:SITC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm had revenue of $89.43 million for the quarter, compared to analysts' expectations of $104.55 million. During the same period in the previous year, the firm posted $1.32 EPS. The business's revenue for the quarter was down 37.5% compared to the same quarter last year. Research analysts forecast that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.
Several research analysts recently weighed in on the stock. Truist Financial upped their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the stock a "hold" rating in a research report on Wednesday, August 28th. Morgan Stanley raised their price target on SITE Centers from $56.00 to $57.00 and gave the company an "equal weight" rating in a research report on Monday, September 30th. Piper Sandler cut 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 began coverage on shares of SITE Centers in a research note on Wednesday, December 4th. They set a "hold" rating on the stock. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $36.04.
View Our Latest Stock Analysis on SITC
In other news, CEO David R. Lukes sold 168,895 shares of the business's stock in a transaction on Tuesday, December 10th. The stock was 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 in the company, valued at $2,093,163.12. The trade was a 55.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.10% of the company's stock.
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.
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