Signature Estate & Investment Advisors LLC Cuts Stake in SITE Centers Corp. (NYSE:SITC)

Signature Estate & Investment Advisors LLC lowered its stake in shares of SITE Centers Corp. (NYSE:SITC) by 74.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,314 shares of the company’s stock after selling 12,789 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in SITE Centers were worth $261,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SITC. Long Pond Capital LP boosted its stake in SITE Centers by 403.8% during the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock valued at $84,885,000 after buying an additional 4,644,142 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of SITE Centers by 3,017.5% during the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company’s stock worth $11,081,000 after acquiring an additional 739,174 shares in the last quarter. APG Asset Management US Inc. boosted its position in shares of SITE Centers by 145.0% during the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company’s stock valued at $12,996,000 after acquiring an additional 535,550 shares during the last quarter. Panagora Asset Management Inc. purchased a new position in shares of SITE Centers in the second quarter valued at $3,089,000. Finally, Algert Global LLC increased its position in SITE Centers by 65.0% in the second quarter. Algert Global LLC now owns 411,910 shares of the company’s stock worth $5,973,000 after purchasing an additional 162,260 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Stock Performance

SITC stock opened at $15.70 on Tuesday. SITE Centers Corp. has a twelve month low of $15.43 and a twelve month high of $64.44. The firm has a market cap of $823.15 million, a price-to-earnings ratio of 1.15 and a beta of 1.62. The business’s fifty day simple moving average is $29.41 and its two-hundred day simple moving average is $142.90. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm’s revenue was down 37.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.32 EPS. Analysts predict that SITE Centers Corp. will post 2.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SITC. Truist Financial lifted their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, August 28th. KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Compass Point decreased their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Piper Sandler dropped their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, StockNews.com assumed coverage on SITE Centers in a research report on Monday. They issued a “buy” rating for the company. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $58.89.

SITE Centers Company 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.