Geode Capital Management LLC Has $21.60 Million Stock Position in SITE Centers Corp. (NYSE:SITC)

Geode Capital Management LLC raised its holdings in SITE Centers Corp. (NYSE:SITC) by 18.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,412,163 shares of the company’s stock after acquiring an additional 219,636 shares during the period. Geode Capital Management LLC’s holdings in SITE Centers were worth $21,595,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. KBC Group NV increased 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 purchasing an additional 2,193 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of SITE Centers by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after acquiring an additional 833 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of SITE Centers during the 4th quarter valued at $148,000. Baader Bank Aktiengesellschaft bought a new stake in SITE Centers during the 4th quarter worth $163,000. Finally, EntryPoint Capital LLC acquired a new position in SITE Centers in the 4th quarter worth about $231,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Stock Up 1.8 %

Shares of NYSE:SITC opened at $11.86 on Friday. SITE Centers Corp. has a 1 year low of $10.46 and a 1 year high of $64.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The business’s 50-day moving average is $12.97 and its 200-day moving average is $14.81. The company has a market capitalization of $621.87 million, a price-to-earnings ratio of 0.87 and a beta of 1.30.

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

Analysts Set New Price Targets

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

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.