Northern Trust Corp Grows Holdings in Site Centers Corp. $SITC

Northern Trust Corp raised its position in Site Centers Corp. (NYSE:SITC) by 2.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 817,652 shares of the company’s stock after buying an additional 16,960 shares during the period. Northern Trust Corp’s holdings in Site Centers were worth $10,499,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its holdings in Site Centers by 106.6% in the fourth quarter. Bank of America Corp DE now owns 95,158 shares of the company’s stock valued at $1,455,000 after buying an additional 49,091 shares in the last quarter. Nuveen LLC purchased a new position in Site Centers in the first quarter valued at $6,360,000. SG Americas Securities LLC increased its holdings in Site Centers by 111.1% in the first quarter. SG Americas Securities LLC now owns 59,376 shares of the company’s stock valued at $762,000 after buying an additional 31,246 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Site Centers by 149.4% in the fourth quarter. Ameriprise Financial Inc. now owns 341,867 shares of the company’s stock valued at $5,227,000 after buying an additional 204,772 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Site Centers by 2.6% in the first quarter. Principal Financial Group Inc. now owns 277,998 shares of the company’s stock valued at $3,569,000 after buying an additional 6,931 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on SITC. Wall Street Zen raised shares of Site Centers from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Piper Sandler reissued an “overweight” rating on shares of Site Centers in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.46.

Site Centers Stock Down 0.2%

Shares of NYSE SITC opened at $9.35 on Friday. Site Centers Corp. has a 12-month low of $8.92 and a 12-month high of $30.56. The stock has a market cap of $490.05 million, a PE ratio of 1.38 and a beta of 1.40. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $11.30 and a 200 day moving average of $12.02.

Site Centers (NYSE:SITC) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.16. Site Centers had a net margin of 189.28% and a return on equity of 36.67%. The company had revenue of $30.66 million during the quarter, compared to analysts’ expectations of $33.10 million. During the same quarter in the prior year, the company earned $0.27 EPS. Site Centers’s revenue was down 63.8% compared to the same quarter last year. As a group, sell-side analysts predict that Site Centers Corp. will post 3.24 EPS for the current fiscal year.

Site Centers Announces Dividend

The firm also recently disclosed a special dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a dividend of $3.25 per share. The ex-dividend date of this dividend was Tuesday, September 2nd.

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.