Franklin Resources Inc. Has $3.77 Million Position in SITE Centers Corp. (NYSE:SITC)

Franklin Resources Inc. increased its position in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 79.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 246,632 shares of the company's stock after buying an additional 109,522 shares during the quarter. Franklin Resources Inc. owned 0.47% of SITE Centers worth $3,771,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV boosted 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 valued at $53,000 after acquiring an additional 2,193 shares in the last quarter. Vestcor Inc acquired a new stake in SITE Centers during the third quarter valued at approximately $95,000. Van ECK Associates Corp grew its stake in shares of SITE Centers by 10.2% in the 4th 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 during the period. KLP Kapitalforvaltning AS bought a new stake in shares of SITE Centers in the 4th quarter valued at approximately $148,000. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of SITE Centers during the 4th quarter worth approximately $163,000. 88.70% of the stock is currently owned by institutional investors.

SITE Centers Trading Up 1.8 %

SITE Centers stock traded up $0.21 during mid-day trading on Thursday, hitting $11.86. The stock had a trading volume of 57,413 shares, compared to its average volume of 888,249. The stock has a market capitalization of $621.71 million, a PE ratio of 0.87 and a beta of 1.30. SITE Centers Corp. has a 12 month low of $10.46 and a 12 month high of $64.44. 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 stock has a 50-day simple moving average of $13.09 and a two-hundred day simple moving average of $15.18.

SITE Centers (NYSE:SITC - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.07). The business had revenue of $32.87 million for the quarter, compared to analyst estimates of $43.58 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. As a group, sell-side analysts forecast that SITE Centers Corp. will post 3.24 EPS for the current year.

Wall Street Analyst Weigh In

SITC has been the topic of a number of analyst reports. Wells Fargo & Company lowered their price target 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. Piper Sandler lowered their target price on shares of SITE Centers from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Finally, StockNews.com downgraded shares of SITE Centers from a "buy" rating to a "hold" rating in a report on Wednesday, March 5th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus 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.