TCW Group Inc. Trims Holdings in SITE Centers Corp. (NYSE:SITC)

TCW Group Inc. lowered its position in SITE Centers Corp. (NYSE:SITC - Free Report) by 75.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,877 shares of the company's stock after selling 161,919 shares during the quarter. TCW Group Inc. owned approximately 0.10% of SITE Centers worth $3,199,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in SITE Centers in the second quarter valued at approximately $42,000. Quarry LP raised its stake in SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company's stock worth $50,000 after acquiring an additional 2,857 shares in the last quarter. Vestcor Inc acquired a new stake in SITE Centers during the 3rd quarter worth $95,000. Diversified Trust Co purchased a new stake in SITE Centers in the second quarter valued at $152,000. Finally, Evergreen Capital Management LLC acquired a new position in SITE Centers in the second quarter valued at $167,000. Institutional investors and hedge funds own 88.70% of the company's stock.

SITE Centers Stock Performance

SITE Centers stock traded up $0.03 during trading hours on Friday, reaching $15.61. 1,919,333 shares of the stock were exchanged, compared to its average volume of 709,416. The stock has a market cap of $818.17 million, a P/E ratio of 1.14 and a beta of 1.61. The firm's 50 day moving average is $16.24 and its 200 day moving average is $116.37. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55. SITE Centers Corp. has a 52-week low of $15.24 and a 52-week high of $64.44.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Wells Fargo & Company downgraded 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. Piper Sandler reduced their price objective on SITE Centers from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Citigroup lowered their target price 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. Truist Financial upped their price target on shares of SITE Centers from $56.00 to $58.00 and gave the company a "hold" rating in a research report on Wednesday, August 28th. Finally, Stifel Nicolaus raised their price objective 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. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $36.04.

Insider Activity at SITE Centers

In related news, CEO David R. Lukes sold 168,895 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the completion of the transaction, the chief executive officer now directly owns 136,008 shares of the company's stock, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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.