Bank of America Corp DE Purchases 49,091 Shares of SITE Centers Corp. (NYSE:SITC)

Bank of America Corp DE raised its position in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 106.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 95,158 shares of the company's stock after acquiring an additional 49,091 shares during the quarter. Bank of America Corp DE owned about 0.18% of SITE Centers worth $1,455,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. BNP Paribas Financial Markets grew its position in shares of SITE Centers by 79.7% during the 4th quarter. BNP Paribas Financial Markets now owns 21,460 shares of the company's stock worth $328,000 after buying an additional 9,517 shares during the period. Ameriprise Financial Inc. boosted its stake in SITE Centers by 149.4% during the fourth quarter. Ameriprise Financial Inc. now owns 341,867 shares of the company's stock worth $5,227,000 after acquiring an additional 204,772 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in SITE Centers in the fourth quarter worth $436,000. Schonfeld Strategic Advisors LLC increased its stake in SITE Centers by 161.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 898,691 shares of the company's stock valued at $13,741,000 after purchasing an additional 554,654 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in SITE Centers by 3,701.4% in the fourth quarter. AQR Capital Management LLC now owns 727,672 shares of the company's stock valued at $11,126,000 after purchasing an additional 708,530 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

SITE Centers Stock Up 1.7%

SITC stock traded up $0.19 during mid-day trading on Friday, reaching $11.85. 649,056 shares of the company traded hands, compared to its average volume of 918,529. 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 firm's 50 day moving average price is $11.89 and its 200 day moving average price is $13.73. The stock has a market cap of $621.63 million, a price-to-earnings ratio of 0.87 and a beta of 1.33. SITE Centers Corp. has a fifty-two week low of $10.46 and a fifty-two week high of $64.44.

SITE Centers (NYSE:SITC - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.02). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $40.35 million for the quarter, compared to analysts' expectations of $33.50 million. During the same period in the previous year, the firm earned $0.28 EPS. The firm's quarterly revenue was down 66.6% on a year-over-year basis. As a group, equities research analysts predict that SITE Centers Corp. will post 3.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SITC. Wells Fargo & Company cut their price objective on shares of SITE Centers from $17.00 to $14.50 and set an "equal weight" rating on the stock in a research report on Wednesday, March 26th. Piper Sandler dropped their price target on SITE Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Wall Street Zen cut SITE Centers from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $35.25.

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.