New York State Teachers Retirement System Decreases Stock Holdings in SITE Centers Corp. (NYSE:SITC)

New York State Teachers Retirement System trimmed its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 12.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,839 shares of the company’s stock after selling 6,800 shares during the quarter. New York State Teachers Retirement System’s holdings in SITE Centers were worth $662,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Credit Suisse AG purchased a new stake in SITE Centers in the fourth quarter worth $699,000. Heitman Real Estate Securities LLC boosted its stake in SITE Centers by 32.5% during the fourth quarter. Heitman Real Estate Securities LLC now owns 4,915,314 shares of the company’s stock valued at $49,743,000 after buying an additional 1,205,377 shares during the period. Presima Inc. boosted its stake in SITE Centers by 5.9% during the first quarter. Presima Inc. now owns 50,300 shares of the company’s stock valued at $682,000 after buying an additional 2,800 shares during the period. Mackenzie Financial Corp bought a new stake in SITE Centers during the fourth quarter valued at $419,000. Finally, Van ECK Associates Corp lifted its stake in SITE Centers by 33.2% during the fourth quarter. Van ECK Associates Corp now owns 6,153 shares of the company’s stock worth $62,000 after purchasing an additional 1,534 shares during the last quarter. 81.57% of the stock is owned by institutional investors.

Shares of SITC stock opened at $14.41 on Wednesday. SITE Centers Corp. has a 52-week low of $4.21 and a 52-week high of $15.31. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market capitalization of $3.04 billion, a PE ratio of 90.06 and a beta of 1.66. The stock has a fifty day simple moving average of $14.11 and a two-hundred day simple moving average of $11.97.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Wednesday, April 21st. The company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.18). The business had revenue of $119.90 million during the quarter, compared to analysts’ expectations of $110.13 million. SITE Centers had a return on equity of 3.76% and a net margin of 14.52%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 EPS. On average, sell-side analysts forecast that SITE Centers Corp. will post 0.98 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 6th. Stockholders of record on Thursday, March 18th were given a dividend of $0.11 per share. This is a positive change from SITE Centers’s previous quarterly dividend of $0.05. The ex-dividend date was Wednesday, March 17th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.05%. SITE Centers’s dividend payout ratio (DPR) is presently 34.65%.

SITC has been the subject of a number of recent research reports. Truist boosted their target price on SITE Centers from $11.00 to $13.00 in a research note on Wednesday, March 31st. Piper Sandler raised SITE Centers from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $11.00 to $13.00 in a research note on Thursday, January 14th. TheStreet upgraded SITE Centers from a “d+” rating to a “c-” rating in a report on Wednesday, March 17th. KeyCorp boosted their price target on SITE Centers from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, April 29th. Finally, Mizuho boosted their price target on SITE Centers from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, April 23rd. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $11.00.

In related news, CFO Conor Fennerty sold 23,717 shares of the stock in a transaction dated Wednesday, May 5th. The shares were sold at an average price of $14.58, for a total value of $345,793.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexander Otto sold 8,500,000 shares of the stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $14.44, for a total transaction of $122,740,000.00. Following the completion of the transaction, the director now directly owns 21,689,950 shares of the company’s stock, valued at approximately $313,202,878. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,589,624 shares of company stock valued at $124,044,741. Company insiders own 21.40% of the company’s stock.

SITE Centers Profile

SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.

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Institutional Ownership by Quarter for SITE Centers (NYSE:SITC)

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