Sumitomo Mitsui DS Asset Management Company Ltd Buys 6,480 Shares of SITE Centers Corp. (NYSE:SITC)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in SITE Centers Corp. (NYSE:SITC) by 24.9% during the 4th quarter, Holdings Channel reports. The firm owned 32,493 shares of the company’s stock after buying an additional 6,480 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in SITE Centers were worth $443,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of SITE Centers by 78.8% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 223,967 shares of the company’s stock worth $3,053,000 after acquiring an additional 98,740 shares in the last quarter. Lindbrook Capital LLC raised its position in SITE Centers by 30.4% in the 4th quarter. Lindbrook Capital LLC now owns 5,219 shares of the company’s stock valued at $71,000 after purchasing an additional 1,218 shares during the last quarter. Cornerstone Investment Partners LLC acquired a new position in SITE Centers in the fourth quarter worth $159,000. Federated Hermes Inc. grew its holdings in shares of SITE Centers by 56.9% during the fourth quarter. Federated Hermes Inc. now owns 88,275 shares of the company’s stock worth $1,203,000 after purchasing an additional 32,008 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of SITE Centers by 4.0% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 212,045 shares of the company’s stock valued at $2,890,000 after buying an additional 8,110 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SITC shares. Wolfe Research cut shares of SITE Centers from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 5th. Wells Fargo & Company restated an “overweight” rating and issued a $15.50 price objective on shares of SITE Centers in a research report on Monday, April 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, SITE Centers has an average rating of “Hold” and a consensus target price of $14.25.

SITE Centers Trading Down 1.1 %

SITC opened at $13.62 on Friday. SITE Centers Corp. has a fifty-two week low of $10.88 and a fifty-two week high of $14.71. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 11.25 and a beta of 1.58. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a 50 day simple moving average of $13.99 and a 200 day simple moving average of $13.45.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.66. The business had revenue of $123.20 million during the quarter, compared to analysts’ expectations of $127.81 million. SITE Centers had a return on equity of 14.00% and a net margin of 49.25%. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.29 earnings per share. On average, sell-side analysts anticipate that SITE Centers Corp. will post 0.88 earnings per share for the current year.

SITE Centers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Thursday, March 14th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Wednesday, March 13th. SITE Centers’s payout ratio is presently 42.98%.

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.