Invesco Ltd. Grows Stock Position in SITE Centers Corp. (NYSE:SITC)

Invesco Ltd. lifted its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 777.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,121,114 shares of the company’s stock after acquiring an additional 1,879,351 shares during the period. Invesco Ltd. owned approximately 4.05% of SITE Centers worth $32,432,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SITC. KBC Group NV lifted its position in SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after acquiring an additional 2,193 shares during the period. Van ECK Associates Corp lifted its holdings in shares of SITE Centers by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock worth $138,000 after purchasing an additional 833 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in SITE Centers in the fourth quarter valued at approximately $148,000. World Investment Advisors LLC acquired a new position in SITE Centers in the 3rd quarter worth approximately $622,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in SITE Centers during the 4th quarter valued at approximately $163,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Price Performance

Shares of SITE Centers stock opened at $11.86 on Friday. The firm has a market cap of $621.87 million, a PE ratio of 0.87 and a beta of 1.30. The business has a 50-day moving average price of $13.03 and a 200 day moving average price of $14.85. 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 Corp. has a twelve month low of $10.46 and a twelve month high of $64.44.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $32.87 million during the quarter, compared to analysts’ expectations of $43.58 million. Sell-side analysts predict that SITE Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SITC. Piper Sandler reduced their target price on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Wells Fargo & Company reduced their price objective on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a research note on Wednesday, March 26th. Finally, StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $35.25.

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.