Handelsbanken Fonder AB Grows Stock Holdings in SITE Centers Corp. (NYSE:SITC)

Handelsbanken Fonder AB boosted its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 19.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,880 shares of the company’s stock after purchasing an additional 6,100 shares during the quarter. Handelsbanken Fonder AB’s holdings in SITE Centers were worth $503,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in SITE Centers by 24.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,493 shares of the company’s stock valued at $443,000 after purchasing an additional 6,480 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in SITE Centers by 78.8% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 223,967 shares of the company’s stock valued at $3,053,000 after purchasing an additional 98,740 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of SITE Centers by 30.4% in the fourth quarter. Lindbrook Capital LLC now owns 5,219 shares of the company’s stock valued at $71,000 after acquiring an additional 1,218 shares during the period. Cornerstone Investment Partners LLC purchased a new stake in shares of SITE Centers in the fourth quarter valued at $159,000. Finally, Federated Hermes Inc. raised its stake in shares of SITE Centers by 56.9% in the fourth quarter. Federated Hermes Inc. now owns 88,275 shares of the company’s stock valued at $1,203,000 after acquiring an additional 32,008 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

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

SITE Centers Trading Up 1.8 %

SITC stock opened at $13.73 on Thursday. The company has a market capitalization of $2.87 billion, a PE ratio of 11.35 and a beta of 1.58. SITE Centers Corp. has a 12 month low of $10.88 and a 12 month high of $14.71. The firm’s 50-day moving average is $13.94 and its 200 day moving average is $13.50. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.24 and a quick ratio of 3.24.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.26 by $0.66. The company had revenue of $123.20 million for the quarter, compared to the consensus estimate of $127.81 million. SITE Centers had a net margin of 49.25% and a return on equity of 14.00%. The firm’s revenue was down 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 EPS. On average, research analysts anticipate that SITE Centers Corp. will post 0.9 EPS for the current year.

SITE Centers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Thursday, March 14th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Wednesday, March 13th. SITE Centers’s dividend payout ratio is presently 42.98%.

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.