The Manufacturers Life Insurance Company Lowers Holdings in SITE Centers Corp. (NYSE:SITC)

The Manufacturers Life Insurance Company lowered its holdings in SITE Centers Corp. (NYSE:SITC - Free Report) by 75.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,586 shares of the company's stock after selling 78,552 shares during the quarter. The Manufacturers Life Insurance Company's holdings in SITE Centers were worth $1,548,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SITC. Allspring Global Investments Holdings LLC purchased a new position in SITE Centers during the 2nd quarter worth $42,000. Quarry LP boosted its holdings in SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company's stock worth $50,000 after purchasing an additional 2,857 shares during the last quarter. Diversified Trust Co purchased a new position in shares of SITE Centers in the 2nd quarter worth approximately $152,000. Evergreen Capital Management LLC bought a new position in shares of SITE Centers in the second quarter valued at approximately $167,000. Finally, Vanderbilt University increased its position in shares of SITE Centers by 10.0% during the second quarter. Vanderbilt University now owns 12,378 shares of the company's stock valued at $179,000 after acquiring an additional 1,126 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

SITC has been the subject of a number of recent analyst reports. Wells Fargo & Company downgraded SITE Centers from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Compass Point decreased their price objective on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating for the company in a report on Tuesday, October 15th. Piper Sandler dropped their target price on shares of SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Morgan Stanley boosted their target price on shares of SITE Centers from $56.00 to $57.00 and gave the company an "equal weight" rating in a research note on Monday, September 30th. Finally, Truist Financial upped their price objective on SITE Centers from $56.00 to $58.00 and gave the company a "hold" rating in a research note on Wednesday, August 28th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, SITE Centers has an average rating of "Hold" and an average target price of $36.04.

SITE Centers Stock Performance

Shares of SITC stock traded up $0.02 during trading on Wednesday, reaching $15.39. 1,441,168 shares of the company's stock traded hands, compared to its average volume of 703,632. The company has a market capitalization of $806.90 million, a P/E ratio of 1.12 and a beta of 1.61. 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's 50-day moving average is $16.32 and its 200 day moving average is $119.28. SITE Centers Corp. has a 1 year low of $15.24 and a 1 year high of $64.44.

SITE Centers (NYSE:SITC - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $5.20. The firm had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The business's quarterly revenue was down 37.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.32 earnings per share. Equities research analysts expect that SITE Centers Corp. will post 2.9 EPS for the current 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.