Virtu Financial LLC Invests $2.40 Million in SITE Centers Corp. (NYSE:SITC)

Virtu Financial LLC bought a new stake in shares of SITE Centers Corp. (NYSE:SITC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 39,657 shares of the company’s stock, valued at approximately $2,399,000. Virtu Financial LLC owned 0.08% of SITE Centers at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in SITC. Allspring Global Investments Holdings LLC purchased a new stake in SITE Centers in the 2nd quarter worth $42,000. Quarry LP lifted its position in shares of SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after buying an additional 2,857 shares in the last quarter. Vestcor Inc bought a new position in SITE Centers during the third quarter valued at approximately $95,000. Diversified Trust Co purchased a new position in SITE Centers during the 2nd quarter valued at approximately $152,000. Finally, Evergreen Capital Management LLC bought a new stake in SITE Centers in the 2nd quarter worth approximately $167,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO David R. Lukes sold 168,895 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $15.39, for a total value of $2,599,294.05. Following the transaction, the chief executive officer now owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This represents a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.10% of the company’s stock.

Analysts Set New Price Targets

SITC has been the subject of a number of research reports. Piper Sandler lowered their target price on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company lowered shares of SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $68.00 to $19.00 in a research report on Wednesday, October 2nd. Truist Financial boosted their target price on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. KeyCorp reaffirmed a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Finally, Compass Point dropped their price target on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, SITE Centers currently has an average rating of “Hold” and a consensus target price of $36.04.

SITE Centers Stock Performance

SITE Centers stock opened at $15.58 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The firm has a market capitalization of $816.60 million, a P/E ratio of 1.14 and a beta of 1.61. SITE Centers Corp. has a 1-year low of $15.24 and a 1-year high of $64.44. The company’s 50-day moving average is $16.27 and its 200 day moving average is $117.84.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping the consensus estimate of $0.87 by $5.20. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The firm had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same period in the prior year, the business posted $1.32 earnings per share. The company’s revenue for the quarter was down 37.5% on a year-over-year basis. Research analysts forecast that SITE Centers Corp. will post 2.9 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.