SITE Centers Corp. (NYSE:SITC) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. increased its stake in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 79.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 246,632 shares of the company's stock after purchasing an additional 109,522 shares during the period. Franklin Resources Inc. owned approximately 0.47% of SITE Centers worth $3,771,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SITC. KBC Group NV boosted its position in SITE Centers by 170.4% in the 4th quarter. KBC Group NV now owns 3,480 shares of the company's stock valued at $53,000 after buying an additional 2,193 shares during the period. Vestcor Inc acquired a new position in shares of SITE Centers during the third quarter worth $95,000. Van ECK Associates Corp increased its holdings in SITE Centers by 10.2% in the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company's stock valued at $138,000 after buying an additional 833 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in SITE Centers during the 4th quarter worth about $148,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in SITE Centers during the fourth quarter worth approximately $163,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Analysts Set New Price Targets

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

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SITE Centers Stock Performance

NYSE:SITC traded up $0.09 during mid-day trading on Tuesday, reaching $11.60. The stock had a trading volume of 718,344 shares, compared to its average volume of 888,126. 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 business has a 50 day simple moving average of $13.23 and a 200 day simple moving average of $15.23. SITE Centers Corp. has a twelve month low of $10.46 and a twelve month high of $64.44. The firm has a market capitalization of $607.93 million, a price-to-earnings ratio of 0.85 and a beta of 1.30.

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