Nomura Asset Management Co. Ltd. Reduces Stake in SITE Centers Corp. (NYSE:SITC)

Nomura Asset Management Co. Ltd. cut its holdings in SITE Centers Corp. (NYSE:SITC - Free Report) by 73.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 59,325 shares of the company's stock after selling 164,575 shares during the period. Nomura Asset Management Co. Ltd. owned 0.11% of SITE Centers worth $3,589,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in shares of SITE Centers in the second quarter valued at approximately $42,000. Quarry LP boosted its holdings in 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. Diversified Trust Co purchased a new position in shares of SITE Centers during the 2nd quarter valued at $152,000. Evergreen Capital Management LLC bought a new position in shares of SITE Centers in the second quarter worth $167,000. Finally, Systematic Financial Management LP purchased a new stake in shares of SITE Centers in the third quarter worth $203,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Stifel Nicolaus boosted their target price on SITE Centers from $65.00 to $65.25 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Morgan Stanley boosted their price objective on SITE Centers from $56.00 to $57.00 and gave the stock an "equal weight" rating in a report on Monday, September 30th. Piper Sandler lowered their target price on shares of SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. StockNews.com started coverage on shares of SITE Centers in a research report on Wednesday, December 4th. They set a "hold" rating for the company. Finally, KeyCorp reissued a "sector weight" rating on shares of SITE Centers in a report on Monday, October 7th. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $36.04.

Insider Activity at SITE Centers

In related news, CEO David R. Lukes sold 168,895 shares of SITE Centers 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 transaction, the chief executive officer now directly owns 136,008 shares of the company's stock, valued at $2,093,163.12. The trade was a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.10% of the stock is currently owned by company insiders.

SITE Centers Trading Up 0.2 %

Shares of SITC traded up $0.03 during mid-day trading on Friday, reaching $15.61. The company's stock had a trading volume of 1,919,335 shares, compared to its average volume of 709,416. SITE Centers Corp. has a 52 week low of $15.24 and a 52 week high of $64.44. The stock has a market cap of $818.43 million, a PE ratio of 1.14 and a beta of 1.61. The company's fifty day moving average price is $16.24 and its two-hundred day moving average price is $116.37. 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 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 business had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. During the same period in the previous year, the firm posted $1.32 earnings per share. The firm's revenue for the quarter was down 37.5% on a year-over-year basis. On average, analysts predict that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

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.