Nisa Investment Advisors LLC reduced its stake in shares of SITE Centers Corp. (NYSE: SITC – Get a rating) by 9.5% in the first quarter, Participation channel reports. The institutional investor held 90,158 shares of the company after selling 9,446 shares during the quarter. Nisa Investment Advisors LLC’s holdings in SITE Centers were worth $1,507,000 when it last filed with the SEC.
Other hedge funds have also changed their positions in the company. Cubist Systematic Strategies LLC increased its holdings in SITE Centers by 385.8% in the fourth quarter. Cubist Systematic Strategies LLC now owns 213,496 shares of the company worth $3,380,000 after purchasing an additional 169,553 shares during the period. Chilton Capital Management LLC acquired a new position in SITE Centers in the fourth quarter worth $9,562,000. Nomura Asset Management Co. Ltd. increased its holdings in SITE Centers by 2.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 150,900 shares of the company worth $2,389,000 after purchasing an additional 4,300 shares during the period. Van ECK Associates Corp increased its stake in SITE Centers by 66.9% in the fourth quarter. Van ECK Associates Corp now owns 13,487 shares of the company worth $213,000 after purchasing an additional 5,407 shares during the period. Finally, Wolverine Asset Management LLC increased its holdings in SITE Centers by 56.1% in the fourth quarter. Wolverine Asset Management LLC now owns 85,422 shares of the company worth $1,352,000 after purchasing an additional 30,691 shares during the period. Institutional investors and hedge funds hold 88.34% of the company’s shares.
Price performance of SITE centers
Shares of NYSE SITC opened at $13.91 on Friday. SITE Centers Corp. has a fifty-two week minimum of $12.40 and a fifty-two week maximum of $17.61. The company’s 50-day simple moving average is $14.04 and its 200-day simple moving average is $15.16. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt ratio of 0.93. The stock has a market capitalization of $2.97 billion, a P/E ratio of 28.39 and a beta of 1.53.
SITE Centers (NYSE: SITC – Get a rating) last released its quarterly earnings data on Tuesday, April 26. The company reported earnings per share of $0.05 for the quarter, meeting analyst consensus estimates of $0.05. The SITE Centers had a net margin of 24.41% and a return on equity of 6.61%. The company posted revenue of $131.10 million for the quarter, compared to $126.07 million expected by analysts. In the same period a year earlier, the company had earned earnings per share of $0.28. The company’s revenue increased 9.3% year over year. Stock analysts expect SITE Centers Corp. posts an EPS of 1.14 for the current year.
SITE Centers announces dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 6. Investors of record on Thursday, June 9 received a dividend of $0.13 per share. This represents a dividend of $0.52 on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Wednesday, June 8. SITE Centers’ dividend payout ratio is currently 106.12%.
Insider activity at SITE centers
In related news, CEO David R. Lukes sold 310,797 shares of SITE Centers in a trade dated Thursday, April 28. The shares were sold at an average price of $16.59, for a total transaction of $5,156,122.23. Following the sale, the CEO now directly owns 1,164,513 shares of the company, valued at $19,319,270.67. The sale was disclosed in an SEC filing, which is available via the SEC website. Insiders of the company own 20.30% of the shares of the company.
A Wall Street analyst gives his opinion
A number of equity analysts have commented on SITC shares. TheStreet downgraded shares of SITE Centers from a “b-” rating to a “c+” rating in a Monday, May 2 report. StockNews.com began covering the actions of SITE centers in a report on Thursday, March 31. They issued a “holding” rating for the company. Jefferies Financial Group cut its target price on SITE Centers from $17.00 to $13.00 and placed a “hold” rating on the stock in a Thursday, June 30 research note. KeyCorp cut its target price on SITE Centers from $19.00 to $17.00 and set an “overweight” rating on the stock in a Tuesday, June 28 research note. Finally, Morgan Stanley cut its target price on SITE Centers from $15.00 to $13.00 and set an “equal weight” rating on the stock in a Friday July 15 research note. Five equity research analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.06.
SITE Centers Company Profile
SITE Centers owns and operates outdoor shopping centers that provide a highly appealing shopping experience and array of merchandise for business partners and consumers. The Company is a self-administered, self-managed REIT operating as a fully integrated real estate company and is listed on the New York Stock Exchange under the symbol SITC.
Receive daily news and reviews for SITE centers – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for SITE Centers and related companies with MarketBeat.com’s free daily email newsletter.