Bank of America Corp DE Increases Holdings in SITE Centers Corp. (NYSE:SITC)

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

Other hedge funds and other institutional investors have also made changes to their positions in the company. KBC Group NV grew its position in shares of SITE Centers by 170.4% during the 4th quarter. KBC Group NV now owns 3,480 shares of the company's stock worth $53,000 after buying an additional 2,193 shares in the last quarter. Covestor Ltd boosted its position in SITE Centers by 483.2% during the fourth quarter. Covestor Ltd now owns 3,756 shares of the company's stock valued at $57,000 after purchasing an additional 3,112 shares in the last quarter. Van ECK Associates Corp boosted its position in SITE Centers by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 8,996 shares of the company's stock valued at $138,000 after purchasing an additional 833 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in SITE Centers during the fourth quarter valued at about $148,000. Finally, Rangeley Capital LLC bought a new stake in SITE Centers during the fourth quarter valued at about $186,000. Institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SITC shares. Wells Fargo & Company dropped their price objective on 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. Wall Street Zen raised SITE Centers from a "sell" rating to a "hold" rating in a research report on Friday. Finally, Piper Sandler dropped their price objective on SITE Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $35.25.

SITE Centers Stock Up 1.7%

SITE Centers stock traded up $0.19 during midday trading on Friday, reaching $11.85. The company's stock had a trading volume of 649,056 shares, compared to its average volume of 923,553. The stock's 50-day simple moving average is $11.87 and its 200-day simple moving average is $13.67. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. SITE Centers Corp. has a 52-week low of $10.46 and a 52-week high of $64.44. The stock has a market capitalization of $621.63 million, a P/E ratio of 0.87 and a beta of 1.33.

SITE Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.02). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The business had revenue of $40.35 million during the quarter, compared to analysts' expectations of $33.50 million. During the same quarter last year, the business posted $0.28 earnings per share. The company's quarterly revenue was down 66.6% compared to the same quarter last year. On average, sell-side analysts expect that SITE Centers Corp. will post 3.24 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.