Daiwa Securities Group Inc. Sells 2,251,964 Shares of SITE Centers Corp. (NYSE:SITC)

Daiwa Securities Group Inc. lessened its position in SITE Centers Corp. (NYSE:SITC) by 75.0% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 749,513 shares of the company’s stock after selling 2,251,964 shares during the period. Daiwa Securities Group Inc.’s holdings in SITE Centers were worth $45,346,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of SITC. Bank of Montreal Can increased its stake in SITE Centers by 3,017.5% during the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock valued at $11,081,000 after purchasing an additional 739,174 shares in the last quarter. APG Asset Management US Inc. increased its position in shares of SITE Centers by 145.0% during the second quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock worth $12,996,000 after acquiring an additional 535,550 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of SITE Centers in the 2nd quarter worth about $3,089,000. Algert Global LLC lifted its position in SITE Centers by 65.0% in the 2nd quarter. Algert Global LLC now owns 411,910 shares of the company’s stock valued at $5,973,000 after acquiring an additional 162,260 shares in the last quarter. Finally, TCW Group Inc. boosted its stake in SITE Centers by 91.6% during the 2nd quarter. TCW Group Inc. now owns 214,796 shares of the company’s stock valued at $3,115,000 after purchasing an additional 102,673 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Piper Sandler lowered their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Morgan Stanley lifted their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Evercore ISI upgraded shares of SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Truist Financial boosted their price target on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Finally, Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, SITE Centers has an average rating of “Hold” and an average target price of $58.89.

SITE Centers Stock Performance

Shares of SITC stock opened at $16.10 on Friday. SITE Centers Corp. has a 52 week low of $15.43 and a 52 week high of $64.44. The firm’s 50-day simple moving average is $26.01 and its two-hundred day simple moving average is $137.65. The firm has a market cap of $844.12 million, a price-to-earnings ratio of 1.18 and a beta of 1.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

SITE Centers (NYSE:SITC) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, beating the consensus estimate of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same quarter in the prior year, the business earned $1.32 earnings per share. SITE Centers’s revenue for the quarter was down 37.5% on a year-over-year basis. As a group, equities analysts forecast that SITE Centers Corp. will post 2.9 earnings per share for the current year.

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.