abrdn plc Sells 268,428 Shares of SITE Centers Corp. (NYSE:SITC)

abrdn plc cut its position in SITE Centers Corp. (NYSE:SITC) by 95.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,414 shares of the company’s stock after selling 268,428 shares during the period. abrdn plc’s holdings in SITE Centers were worth $186,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Vestcor Inc bought a new position in SITE Centers in the 3rd quarter valued at $95,000. Neo Ivy Capital Management acquired a new position in SITE Centers during the 3rd quarter valued at about $202,000. Systematic Financial Management LP bought a new position in SITE Centers in the third quarter valued at approximately $203,000. KBC Group NV boosted its position in shares of SITE Centers by 170.4% in the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after purchasing an additional 2,193 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new position in SITE Centers during the third quarter worth about $244,000. 88.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

SITC has been the subject of several research analyst reports. Wells Fargo & Company decreased their price target on shares of SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Citigroup lowered their price objective 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. StockNews.com initiated coverage on shares of SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating on the stock. 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 report on Monday, November 4th. Finally, Compass Point dropped their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Eight 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 presently has a consensus rating of “Hold” and a consensus price target of $35.75.

SITE Centers Stock Up 1.4 %

SITC opened at $15.03 on Wednesday. SITE Centers Corp. has a 1-year low of $14.55 and a 1-year high of $32.22. The stock has a market cap of $788.02 million, a PE ratio of 1.10 and a beta of 1.60. The stock’s fifty day simple moving average is $15.21 and its 200 day simple moving average is $49.64. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

Insider Buying and Selling

In other SITE Centers news, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.54, for a total transaction of $58,554.72. Following the transaction, the director now owns 29,082 shares in the company, valued at $451,934.28. This represents a 11.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David R. Lukes sold 168,895 shares of the firm’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 transaction, the chief executive officer now owns 136,008 shares in the company, 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. In the last 90 days, insiders sold 181,457 shares of company stock valued at $2,791,693. Company insiders own 10.10% of the company’s stock.

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.