Fisher Asset Management LLC Cuts Stake in SITE Centers Corp. (NYSE:SITC)

Fisher Asset Management LLC lessened its stake in SITE Centers Corp. (NYSE:SITC) by 75.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 317,969 shares of the company’s stock after selling 973,331 shares during the quarter. Fisher Asset Management LLC owned 0.61% of SITE Centers worth $19,237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Landscape Capital Management L.L.C. bought a new stake in SITE Centers during the 3rd quarter valued at about $319,000. Meeder Asset Management Inc. bought a new stake in shares of SITE Centers during the third quarter valued at approximately $2,596,000. Quest Partners LLC raised its holdings in SITE Centers by 1,046.5% in the 3rd quarter. Quest Partners LLC now owns 30,394 shares of the company’s stock worth $1,839,000 after acquiring an additional 27,743 shares during the last quarter. GSA Capital Partners LLP purchased a new position in SITE Centers in the 3rd quarter worth approximately $617,000. Finally, Los Angeles Capital Management LLC bought a new position in SITE Centers in the 3rd quarter valued at approximately $355,000. Institutional investors own 88.70% of the company’s stock.

SITE Centers Stock Performance

Shares of NYSE SITC opened at $15.63 on Thursday. SITE Centers Corp. has a 12-month low of $15.43 and a 12-month high of $64.44. The firm has a market capitalization of $819.48 million, a price-to-earnings ratio of 1.14 and a beta of 1.62. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $23.40 and a 200 day moving average of $133.31.

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

Wall Street Analyst Weigh In

SITC has been the subject of several recent analyst reports. Compass Point decreased their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research report on Monday, October 7th. StockNews.com began coverage on shares of SITE Centers in a report on Tuesday. They set a “buy” rating on the stock. Evercore ISI raised shares of SITE Centers to a “hold” rating in a report on Wednesday, July 31st. Finally, Truist Financial raised their target price on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, SITE Centers currently has an average rating of “Hold” and an average target price of $58.89.

About SITE Centers

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.