Norges Bank Buys New Position in SITE Centers Corp. (NYSE:SITC)

Norges Bank acquired a new position in shares of SITE Centers Corp. (NYSE:SITC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 236,301 shares of the company's stock, valued at approximately $3,613,000. Norges Bank owned about 0.45% of SITE Centers at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Quantinno Capital Management LP acquired a new stake in shares of SITE Centers in the 3rd quarter worth about $244,000. Jane Street Group LLC raised its stake in shares of SITE Centers by 3.3% in the third quarter. Jane Street Group LLC now owns 183,217 shares of the company's stock worth $11,085,000 after purchasing an additional 5,779 shares during the last quarter. Vestcor Inc bought a new position in shares of SITE Centers in the third quarter valued at approximately $95,000. Neo Ivy Capital Management purchased a new position in shares of SITE Centers during the third quarter valued at approximately $202,000. Finally, Virtu Financial LLC bought a new stake in SITE Centers during the third quarter worth $2,399,000. 88.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

SITC has been the topic of a number of analyst reports. StockNews.com downgraded shares of SITE Centers from a "buy" rating to a "hold" rating in a report on Wednesday, March 5th. Wells Fargo & Company decreased their price objective on shares of SITE Centers from $17.00 to $14.50 and set an "equal weight" rating for the company in a research note on Wednesday, March 26th. Finally, Piper Sandler cut their target price on SITE Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, SITE Centers has an average rating of "Hold" and an average target price of $35.25.

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SITE Centers Stock Performance

SITC traded down $0.01 on Tuesday, hitting $11.50. The company's stock had a trading volume of 204,411 shares, compared to its average volume of 886,135. The company's 50 day simple moving average is $13.23 and its 200-day simple moving average is $15.23. 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 Corp. has a 12 month low of $10.46 and a 12 month high of $64.44. The firm has a market cap of $602.95 million, a P/E ratio of 0.84 and a beta of 1.30.

SITE Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $32.87 million during the quarter, compared to analysts' expectations of $43.58 million. Analysts forecast that SITE Centers Corp. will post 3.24 EPS 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.