Norges Bank Takes Position in SITE Centers Corp. (NYSE:SITC)

Norges Bank acquired a new position in shares of SITE Centers Corp. (NYSE:SITC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 236,301 shares of the company's stock, valued at approximately $3,613,000. Norges Bank owned about 0.45% of SITE Centers at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SITC. Graham Capital Wealth Management LLC bought a new position in SITE Centers in the 4th quarter valued at about $2,226,000. Advisors Preferred LLC bought a new position in shares of SITE Centers in the fourth quarter valued at approximately $2,517,000. Amundi boosted its position in shares of SITE Centers by 44.8% during the fourth quarter. Amundi now owns 49,206 shares of the company's stock valued at $736,000 after buying an additional 15,227 shares during the last quarter. Assetmark Inc. grew its holdings in SITE Centers by 287.1% during the fourth quarter. Assetmark Inc. now owns 89,705 shares of the company's stock worth $1,372,000 after buying an additional 66,529 shares in the last quarter. Finally, Factorial Partners LLC purchased a new stake in SITE Centers in the 4th quarter valued at $1,682,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wells Fargo & Company lowered 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. StockNews.com downgraded shares of SITE Centers from a "buy" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Piper Sandler cut their price objective 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. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $35.25.

SITE Centers Price Performance

Shares of SITC traded up $0.02 during mid-day trading on Wednesday, reaching $11.63. 39,160 shares of the stock traded hands, compared to its average volume of 886,722. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12. SITE Centers Corp. has a 1 year low of $10.46 and a 1 year high of $64.44. The company has a market cap of $609.76 million, a price-to-earnings ratio of 0.85 and a beta of 1.30. The firm has a fifty day moving average price of $13.16 and a 200 day moving average price of $15.21.

SITE Centers (NYSE:SITC - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.07). SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm had revenue of $32.87 million during the quarter, compared to the consensus estimate of $43.58 million. As a group, equities research analysts predict that SITE Centers Corp. will post 3.24 earnings per share for the current 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.