Jennison Associates LLC Decreases Position in SITE Centers Corp. (NYSE:SITC)

Jennison Associates LLC decreased its stake in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 76.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,192 shares of the company's stock after selling 49,946 shares during the period. Jennison Associates LLC's holdings in SITE Centers were worth $919,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. purchased a new position in shares of SITE Centers in the third quarter worth approximately $2,596,000. GSA Capital Partners LLP bought a new position in SITE Centers in the 3rd quarter worth $617,000. Los Angeles Capital Management LLC purchased a new position in SITE Centers during the third quarter valued at $355,000. Custom Index Systems LLC bought a new stake in SITE Centers during the second quarter valued at about $242,000. Finally, Versor Investments LP purchased a new stake in SITE Centers in the second quarter worth about $338,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

SITE Centers Trading Down 0.4 %

Shares of NYSE:SITC traded down $0.06 during trading on Friday, hitting $16.10. The company had a trading volume of 948,833 shares, compared to its average volume of 1,354,826. The stock has a market cap of $844.12 million, a price-to-earnings 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. The company has a fifty day simple moving average of $26.01 and a two-hundred day simple moving average of $137.65. SITE Centers Corp. has a one year low of $15.43 and a one year high of $64.44.

SITE Centers (NYSE:SITC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, topping the consensus estimate of $0.87 by $5.20. The company had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. SITE Centers's quarterly revenue was down 37.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.32 earnings per share. As a group, equities analysts forecast that SITE Centers Corp. will post 2.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SITC has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective 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. KeyCorp reiterated a "sector weight" rating on shares of SITE Centers in a research report on Monday, October 7th. Piper Sandler decreased their price objective on shares of SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. Truist Financial upped 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. Finally, Stifel Nicolaus increased their price target on SITE Centers from $65.00 to $65.25 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $58.89.

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.