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

Daiwa Securities Group Inc. decreased its stake in SITE Centers Corp. (NYSE:SITC) by 75.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 749,513 shares of the company’s stock after selling 2,251,964 shares during the period. Daiwa Securities Group Inc. owned about 1.43% of SITE Centers worth $45,346,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SITC. Allspring Global Investments Holdings LLC bought a new position in shares of SITE Centers in the 2nd quarter valued at $42,000. Quarry LP boosted its stake in shares of SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock valued at $50,000 after purchasing an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of SITE Centers during the first quarter valued at about $147,000. Diversified Trust Co bought a new stake in shares of SITE Centers during the second quarter worth about $152,000. Finally, Evergreen Capital Management LLC acquired a new position in shares of SITE Centers in the second quarter valued at approximately $167,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Stock Down 0.4 %

Shares of NYSE:SITC opened at $16.10 on Friday. The business’s 50-day moving average is $26.01 and its 200-day moving average is $137.65. SITE Centers Corp. has a 1 year low of $15.43 and a 1 year high of $64.44. The company has a market capitalization 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 current ratio of 6.55 and a quick ratio of 6.55.

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SITC. Stifel Nicolaus boosted their target price on shares of SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a report on Thursday, September 19th. Compass Point reduced their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. Piper Sandler reduced their price target on SITE Centers from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, StockNews.com began coverage on SITE Centers in a research report on Monday, November 18th. They set a “buy” rating for the company. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, SITE Centers has a consensus rating of “Hold” and an average price target of $58.89.

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.