Franklin Resources Inc. Sells 333,165 Shares of SITE Centers Corp. (NYSE:SITC)

Franklin Resources Inc. reduced its stake in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 70.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,110 shares of the company's stock after selling 333,165 shares during the period. Franklin Resources Inc. owned 0.26% of SITE Centers worth $8,295,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in SITE Centers during the 2nd quarter valued at approximately $42,000. Quarry LP boosted its position in SITE Centers by 503.9% during 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. Vestcor Inc bought a new position in SITE Centers during the 3rd quarter worth $95,000. Evergreen Capital Management LLC acquired a new stake in SITE Centers in the second quarter worth $167,000. Finally, Neo Ivy Capital Management bought a new stake in SITE Centers in the 3rd quarter valued at about $202,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Citigroup decreased their price objective on SITE Centers from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, December 9th. KeyCorp reiterated a "sector weight" rating on shares of SITE Centers in a research report on Monday, October 7th. Truist Financial increased their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the company a "hold" rating in a report on Wednesday, August 28th. Piper Sandler dropped their target price on SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Finally, Morgan Stanley increased their price target on SITE Centers from $56.00 to $57.00 and gave the company an "equal weight" rating in a research note on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, SITE Centers has a consensus rating of "Hold" and a consensus target price of $36.04.

Insider Buying and Selling

In other news, Director Dawn M. Sweeney sold 3,768 shares of the company's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.54, for a total value of $58,554.72. Following the transaction, the director now owns 29,082 shares in the company, valued at $451,934.28. This represents a 11.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David R. Lukes sold 168,895 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the sale, the chief executive officer now owns 136,008 shares of the company's stock, valued at approximately $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 10.10% of the company's stock.

SITE Centers Trading Down 1.0 %

SITC stock traded down $0.16 during mid-day trading on Monday, reaching $15.30. 1,035,349 shares of the stock traded hands, compared to its average volume of 772,323. SITE Centers Corp. has a 52-week low of $14.84 and a 52-week high of $64.44. The stock's fifty day moving average is $16.03 and its 200-day moving average is $107.22. The company has a market cap of $802.18 million, a P/E ratio of 1.12 and a beta of 1.61. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping the consensus estimate of $0.87 by $5.20. The firm had revenue of $89.43 million for the quarter, compared to analysts' expectations of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company's quarterly revenue was down 37.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.32 EPS. As a group, sell-side analysts expect that SITE Centers Corp. will post 3.36 earnings per share for the current year.

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.