Y Intercept Hong Kong Ltd Trims Stock Position in SITE Centers Corp. (NYSE:SITC)

Y Intercept Hong Kong Ltd reduced its stake in SITE Centers Corp. (NYSE:SITC) by 80.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 4,773 shares of the company’s stock after selling 19,730 shares during the period. Y Intercept Hong Kong Ltd’s holdings in SITE Centers were worth $289,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Nisa Investment Advisors LLC grew its position in SITE Centers by 2.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 87,671 shares of the company’s stock valued at $1,282,000 after buying an additional 1,894 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of SITE Centers by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 90,700 shares of the company’s stock valued at $1,315,000 after acquiring an additional 1,500 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of SITE Centers during the second quarter worth about $42,000. Signature Estate & Investment Advisors LLC purchased a new position in SITE Centers during the second quarter worth about $248,000. Finally, Panagora Asset Management Inc. acquired a new stake in SITE Centers in the second quarter valued at about $3,089,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Price Performance

Shares of NYSE SITC opened at $15.42 on Wednesday. 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 company’s 50-day moving average price is $16.16 and its 200 day moving average price is $111.83. SITE Centers Corp. has a 52 week low of $15.24 and a 52 week high of $64.44. The stock has a market cap of $808.47 million, a price-to-earnings ratio of 1.13 and a beta of 1.61.

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

Analysts Set New Price Targets

SITC has been the topic of several recent analyst reports. Piper Sandler dropped their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Citigroup dropped their price objective on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. StockNews.com initiated coverage on SITE Centers in a report on Wednesday, December 4th. They issued a “hold” rating for the company. Compass Point lowered their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Finally, Truist Financial increased their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $36.04.

Insiders Place Their Bets

In other news, 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 transaction of $2,599,294.05. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.10% of the stock is currently owned by company insiders.

About SITE Centers

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.