Freestone Grove Partners LP Buys New Stake in SITE Centers Corp. (NYSE:SITC)

Freestone Grove Partners LP acquired a new position in shares of SITE Centers Corp. (NYSE:SITC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 28,506 shares of the company's stock, valued at approximately $436,000. Freestone Grove Partners LP owned 0.05% of SITE Centers at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in SITE Centers by 10.2% during the 4th quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock worth $111,556,000 after buying an additional 675,190 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in SITE Centers in the 4th quarter valued at approximately $34,297,000. Invesco Ltd. increased its position in SITE Centers by 777.4% during the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock worth $32,432,000 after purchasing an additional 1,879,351 shares during the period. Geode Capital Management LLC raised its stake in shares of SITE Centers by 18.4% during the 4th quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company's stock worth $21,595,000 after buying an additional 219,636 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of 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 buying an additional 554,654 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SITC shares. Piper Sandler cut their price target on shares of SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Wells Fargo & Company dropped their target price on shares of SITE Centers from $17.00 to $14.50 and set an "equal weight" rating for the company in a report on Wednesday, March 26th. Finally, StockNews.com lowered SITE Centers from a "buy" rating to a "hold" rating in a research note on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $35.25.

SITE Centers Price Performance

Shares of NYSE:SITC traded down $0.03 on Friday, hitting $12.02. The company had a trading volume of 178,461 shares, compared to its average volume of 900,403. 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 company has a market cap of $630.39 million, a PE ratio of 0.88 and a beta of 1.32. SITE Centers Corp. has a 52-week low of $10.46 and a 52-week high of $64.44. The business has a 50 day moving average of $12.24 and a 200 day moving average of $14.31.

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

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.