Bank of New York Mellon Corp Acquires 157,818 Shares of SITE Centers Corp. (NYSE:SITC)

Bank of New York Mellon Corp raised its holdings in SITE Centers Corp. (NYSE:SITC - Free Report) by 34.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 614,919 shares of the company's stock after acquiring an additional 157,818 shares during the quarter. Bank of New York Mellon Corp owned about 1.17% of SITE Centers worth $9,402,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its stake 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 acquiring an additional 833 shares during the last quarter. Vestcor Inc acquired a new stake in shares of SITE Centers in the third quarter worth $95,000. KBC Group NV lifted its stake in shares of SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company's stock worth $53,000 after buying an additional 2,193 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of SITE Centers in the third quarter worth $202,000. Finally, Systematic Financial Management LP acquired a new stake in shares of SITE Centers in the third quarter worth $203,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

SITE Centers Stock Performance

SITE Centers stock traded down $0.13 on Tuesday, hitting $12.67. The company's stock had a trading volume of 844,187 shares, compared to its average volume of 864,335. The firm has a market cap of $664.03 million, a P/E ratio of 0.93 and a beta of 1.63. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average price of $14.52 and a 200-day moving average price of $22.15. SITE Centers Corp. has a one year low of $12.58 and a one year high of $32.22.

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SITE Centers (NYSE:SITC - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported $0.16 EPS 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 firm had revenue of $32.87 million during the quarter, compared to analyst estimates of $43.58 million. On average, equities analysts anticipate that SITE Centers Corp. will post 3.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SITC shares. Wells Fargo & Company reduced their price objective on shares of SITE Centers from $17.50 to $17.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. StockNews.com cut shares of SITE Centers from a "buy" rating to a "hold" rating in a research note on Wednesday, March 5th. Piper Sandler reduced their price objective on shares of SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Finally, Citigroup reduced their price objective on shares of SITE Centers from $18.00 to $16.00 and set a "neutral" rating for the company in a research note on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $35.61.

Insider Activity

In other SITE Centers news, EVP John M. Cattonar sold 8,794 shares of the company's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.22, for a total transaction of $133,844.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 10.10% of the stock is owned by corporate insiders.

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.