Meeder Asset Management Inc. Invests $2.60 Million in SITE Centers Corp. (NYSE:SITC)

Meeder Asset Management Inc. acquired a new stake in shares of SITE Centers Corp. (NYSE:SITC - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,906 shares of the company's stock, valued at approximately $2,596,000. Meeder Asset Management Inc. owned about 0.08% of SITE Centers at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of SITE Centers in the 2nd quarter worth about $42,000. Quarry LP raised its position in shares of SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company's stock worth $50,000 after acquiring an additional 2,857 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new position in shares of SITE Centers in the 1st quarter valued at approximately $147,000. Diversified Trust Co bought a new stake in shares of SITE Centers during the second quarter valued at approximately $152,000. Finally, Evergreen Capital Management LLC purchased a new stake in SITE Centers in the second quarter worth $167,000. 88.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SITC. Evercore ISI upgraded shares of SITE Centers to a "hold" rating in a report on Wednesday, July 31st. Wells Fargo & Company cut 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 report on Wednesday, October 2nd. KeyCorp reaffirmed a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. Piper Sandler cut their price target on SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Finally, Stifel Nicolaus lifted their price objective on SITE Centers from $65.00 to $65.25 and gave the company a "buy" rating in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $58.89.

SITE Centers Stock Performance

Shares of SITE Centers stock traded up $0.46 during trading on Tuesday, hitting $16.16. 1,906,533 shares of the company's stock traded hands, compared to its average volume of 683,130. SITE Centers Corp. has a 1 year low of $15.43 and a 1 year high of $64.44. The business has a 50-day simple moving average of $28.59 and a 200-day simple moving average of $141.44. The stock has a market capitalization of $847.01 million, a P/E 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 - Get Free Report) last announced its quarterly earnings results 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. The firm 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 business's quarterly revenue was down 37.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.32 EPS. As a group, analysts forecast that SITE Centers Corp. will post 2.9 EPS for the current year.

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.