Daiwa Securities Group Inc. Decreases Stake in SITE Centers Corp. (NYSE:SITC)

Daiwa Securities Group Inc. reduced its stake in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 75.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 749,513 shares of the company's stock after selling 2,251,964 shares during the period. Daiwa Securities Group Inc. owned approximately 1.43% of SITE Centers worth $45,346,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SITC. Allspring Global Investments Holdings LLC purchased a new position in SITE Centers during the second quarter valued at approximately $42,000. Quarry LP lifted its stake in shares of SITE Centers by 503.9% in the 2nd quarter. Quarry LP now owns 3,424 shares of the company's stock valued at $50,000 after purchasing an additional 2,857 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of SITE Centers in the 1st quarter valued at $147,000. Diversified Trust Co acquired a new stake in SITE Centers during the second quarter valued at $152,000. Finally, Evergreen Capital Management LLC purchased a new position in SITE Centers in the second quarter valued at $167,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

SITE Centers Stock Down 0.4 %

NYSE SITC traded down $0.06 on Friday, hitting $16.10. 948,833 shares of the stock were exchanged, compared to its average volume of 1,354,826. SITE Centers Corp. has a fifty-two week low of $15.43 and a fifty-two week high of $64.44. The company has a 50-day moving average price of $26.01 and a 200-day moving average price of $137.65. The company has a market cap of $844.12 million, a PE ratio of 1.18 and a beta of 1.62. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $5.20. The business had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business's revenue for the quarter was down 37.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.32 EPS. Sell-side analysts anticipate that SITE Centers Corp. will post 2.9 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on SITC shares. Piper Sandler dropped their price objective on SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Morgan Stanley boosted their price target on shares of SITE Centers from $56.00 to $57.00 and gave the stock an "equal weight" rating in a report on Monday, September 30th. Evercore ISI raised shares of SITE Centers to a "hold" rating in a report on Wednesday, July 31st. StockNews.com began coverage on shares of SITE Centers in a research note on Monday, November 18th. They set a "buy" rating for the company. Finally, Compass Point decreased their price target 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. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target 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.