Principal Financial Group Inc. Sells 784,554 Shares of SITE Centers Corp. (NYSE:SITC)

Principal Financial Group Inc. reduced its position in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 75.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 259,789 shares of the company's stock after selling 784,554 shares during the period. Principal Financial Group Inc. owned approximately 0.50% of SITE Centers worth $15,717,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Long Pond Capital LP raised its stake in shares of SITE Centers by 403.8% in the 1st quarter. Long Pond Capital LP now owns 5,794,224 shares of the company's stock valued at $84,885,000 after acquiring an additional 4,644,142 shares during the period. Bank of Montreal Can raised its stake in shares of SITE Centers by 3,017.5% in the 2nd quarter. Bank of Montreal Can now owns 763,670 shares of the company's stock valued at $11,081,000 after purchasing an additional 739,174 shares in the last quarter. APG Asset Management US Inc. raised its stake in shares of SITE Centers by 145.0% in the 2nd quarter. APG Asset Management US Inc. now owns 905,000 shares of the company's stock valued at $12,996,000 after purchasing an additional 535,550 shares in the last quarter. Panagora Asset Management Inc. bought a new stake in shares of SITE Centers during the 2nd quarter valued at about $3,089,000. Finally, Algert Global LLC grew its position in shares of SITE Centers by 65.0% during the 2nd quarter. Algert Global LLC now owns 411,910 shares of the company's stock valued at $5,973,000 after buying an additional 162,260 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

SITE Centers Trading Up 0.5 %

Shares of NYSE:SITC traded up $0.08 during trading on Monday, hitting $15.70. 667,029 shares of the company's stock were exchanged, compared to its average volume of 680,065. The firm has a market cap of $823.15 million, a P/E ratio of 1.14 and a beta of 1.62. The firm has a 50-day moving average price of $30.23 and a two-hundred day moving average price of $144.35. 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 Corp. has a 1-year low of $15.43 and a 1-year high of $64.44.

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, beating analysts' consensus estimates of $0.87 by $5.20. The firm had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business's revenue was down 37.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.32 earnings per share. Equities analysts predict that SITE Centers Corp. will post 2.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Evercore ISI upgraded shares of SITE Centers to a "hold" rating in a research report on Wednesday, July 31st. StockNews.com upgraded shares of SITE Centers from a "hold" rating to a "buy" rating in a research report on Saturday, November 2nd. KeyCorp restated a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. Wells Fargo & Company lowered shares of SITE Centers from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus increased their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a "buy" rating in a report on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $58.89.

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.