SITE Centers Corp. (NYSE:SITC) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in SITE Centers Corp. (NYSE:SITC) by 4.3% during the 4th quarter, HoldingsChannel reports. The firm owned 271,067 shares of the company’s stock after acquiring an additional 11,278 shares during the period. Principal Financial Group Inc.’s holdings in SITE Centers were worth $4,145,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vestcor Inc purchased a new position in SITE Centers in the 3rd quarter valued at $95,000. Neo Ivy Capital Management purchased a new position in SITE Centers during the 3rd quarter worth $202,000. Systematic Financial Management LP acquired a new stake in shares of SITE Centers in the 3rd quarter worth $203,000. KBC Group NV boosted its holdings in shares of SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after acquiring an additional 2,193 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of SITE Centers during the third quarter worth about $244,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Ratings Changes

SITC has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of SITE Centers from a “hold” rating to a “buy” rating in a research report on Tuesday, February 25th. Wells Fargo & Company reduced their price target on SITE Centers from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Piper Sandler decreased their price target on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Citigroup cut 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. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.61.

SITE Centers Stock Performance

SITC opened at $13.46 on Tuesday. 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’s 50 day simple moving average is $14.96 and its 200 day simple moving average is $26.84. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

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

Insider Activity at SITE Centers

In related news, Director Dawn M. Sweeney sold 3,768 shares of SITE Centers stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the transaction, the director now directly owns 29,082 shares in the company, valued at $451,934.28. The trade was 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 stock in a transaction on 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 sale, 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 three months, insiders have sold 181,457 shares of company stock valued at $2,791,693. Insiders own 10.10% of the company’s stock.

SITE Centers 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.