Pacer Advisors Inc. Purchases Shares of 2,243,077 SITE Centers Corp. (NYSE:SITC)

Pacer Advisors Inc. purchased a new position in shares of SITE Centers Corp. (NYSE:SITC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,243,077 shares of the company’s stock, valued at approximately $34,297,000. Pacer Advisors Inc. owned about 4.28% of SITE Centers as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of SITC. Quarry LP grew its position in SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the last quarter. KBC Group NV lifted its stake in shares of SITE Centers by 170.4% during the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after buying an additional 2,193 shares during the period. Vestcor Inc purchased a new stake in shares of SITE Centers during the third quarter valued at $95,000. Neo Ivy Capital Management acquired a new position in shares of SITE Centers in the 3rd quarter valued at $202,000. Finally, Systematic Financial Management LP purchased a new position in SITE Centers in the 3rd quarter worth $203,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Stock Performance

Shares of NYSE SITC opened at $15.66 on Tuesday. The company has a market capitalization of $821.05 million, a PE ratio of 1.15 and a beta of 1.61. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The company’s fifty day moving average price is $15.39 and its 200 day moving average price is $67.60. SITE Centers Corp. has a 1 year low of $14.55 and a 1 year high of $64.44.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. During the same period in the prior year, the company posted $1.32 EPS. The company’s revenue for the quarter was down 37.5% on a year-over-year basis. On average, research analysts predict that SITE Centers Corp. will post 3.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. StockNews.com initiated coverage on SITE Centers in a research note on Wednesday, December 4th. They set a “hold” rating on the stock. Citigroup dropped their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Compass Point cut their price target on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Piper Sandler decreased their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $36.04.

Insider Buying and Selling at SITE Centers

In other SITE Centers news, Director Dawn M. Sweeney sold 3,768 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.54, for a total transaction of $58,554.72. Following the transaction, the director now directly owns 29,082 shares of the company’s stock, valued at $451,934.28. This trade represents a 11.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John M. Cattonar sold 8,794 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total transaction of $133,844.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 181,457 shares of company stock valued at $2,791,693. Company insiders own 10.10% of the company’s stock.

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.