JPMorgan Chase & Co. Sells 1,805,710 Shares of SITE Centers Corp. (NYSE:SITC)

JPMorgan Chase & Co. lessened its stake in SITE Centers Corp. (NYSE:SITC - Free Report) by 77.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 519,043 shares of the company's stock after selling 1,805,710 shares during the period. JPMorgan Chase & Co. owned approximately 0.99% of SITE Centers worth $31,402,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in SITE Centers in the second quarter worth approximately $42,000. Quarry LP raised its holdings in 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 purchasing an additional 2,857 shares during the period. Vestcor Inc purchased a new position in SITE Centers during the third quarter valued at $95,000. Evergreen Capital Management LLC bought a new stake in SITE Centers during the second quarter valued at about $167,000. Finally, Neo Ivy Capital Management purchased a new stake in SITE Centers in the third quarter worth about $202,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the firm's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.54, for a total transaction of $58,554.72. Following the completion of the sale, the director now owns 29,082 shares of the company's stock, valued at $451,934.28. This trade represents a 11.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 181,457 shares of company stock worth $2,791,693. 10.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SITC. Wells Fargo & Company cut SITE Centers from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. StockNews.com began coverage on shares of SITE Centers in a research report on Wednesday, December 4th. They issued a "hold" rating for the company. Compass Point reduced their price objective on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating for the company in a research note on Tuesday, October 15th. Citigroup lowered their target price on shares of SITE Centers from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Monday, December 9th. 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 investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, SITE Centers presently has a consensus rating of "Hold" and a consensus target price of $36.04.

SITE Centers Price Performance

Shares of SITC traded up $0.18 during midday trading on Tuesday, hitting $15.14. 1,694,054 shares of the company traded hands, compared to its average volume of 955,414. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. The stock has a market cap of $793.79 million, a price-to-earnings ratio of 1.11 and a beta of 1.61. SITE Centers Corp. has a 52 week low of $14.74 and a 52 week high of $64.44. The firm has a 50 day moving average of $15.61 and a 200-day moving average of $88.89.

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 for the quarter, topping the consensus estimate of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $89.43 million for the quarter, compared to analysts' expectations of $104.55 million. During the same quarter in the previous year, the business posted $1.32 earnings per share. SITE Centers's quarterly revenue was down 37.5% on a year-over-year basis. On average, analysts forecast that SITE Centers Corp. will post 3.36 EPS for the current fiscal 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.