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

Principal Financial Group Inc. trimmed its position in SITE Centers Corp. (NYSE:SITC - Free Report) by 75.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SITC. Arizona State Retirement System raised its holdings in shares of SITE Centers by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 52,749 shares of the company's stock worth $765,000 after acquiring an additional 976 shares during the last quarter. Vestcor Inc purchased a new stake in shares of SITE Centers in the third quarter worth approximately $95,000. Van ECK Associates Corp lifted its holdings in shares of SITE Centers by 6.3% in the second quarter. Van ECK Associates Corp now owns 29,065 shares of the company's stock valued at $421,000 after purchasing an additional 1,723 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of SITE Centers by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 104,138 shares of the company's stock valued at $1,510,000 after purchasing an additional 1,751 shares in the last quarter. Finally, Quarry LP boosted its position in shares of SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company's stock valued at $50,000 after buying an additional 2,857 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

SITE Centers Stock Performance

Shares of SITC stock traded down $0.30 during trading hours on Friday, hitting $15.01. 628,390 shares of the company were exchanged, compared to its average volume of 768,948. SITE Centers Corp. has a 52-week low of $14.84 and a 52-week high of $64.44. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. The firm has a fifty day simple moving average of $15.86 and a 200 day simple moving average of $100.50. The stock has a market capitalization of $786.97 million, a price-to-earnings ratio of 1.10 and a beta of 1.61.

SITE Centers (NYSE:SITC - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. During the same period last year, the business posted $1.32 earnings per share. The business's revenue for the quarter was down 37.5% on a year-over-year basis. Research analysts predict that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SITC shares. KeyCorp restated a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. Citigroup dropped their price target on shares of SITE Centers from $18.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday, December 9th. Compass Point reduced their price objective on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating for the company in a research report on Tuesday, October 15th. Stifel Nicolaus lifted their target price on shares of SITE Centers from $65.00 to $65.25 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Finally, Wells Fargo & Company lowered SITE Centers from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, SITE Centers presently has a consensus rating of "Hold" and a consensus target price of $36.04.

Insider Activity at SITE Centers

In other SITE Centers news, EVP John M. Cattonar sold 8,794 shares of the firm's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dawn M. Sweeney sold 3,768 shares of the company's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.54, for a total value of $58,554.72. Following the sale, the director now owns 29,082 shares in the company, valued at approximately $451,934.28. This represents a 11.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 181,457 shares of company stock worth $2,791,693. Company insiders own 10.10% of the company's stock.

SITE Centers Company 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.