David R. Lukes Sells 168,895 Shares of SITE Centers Corp. (NYSE:SITC) Stock

SITE Centers Corp. (NYSE:SITC) CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total value of $2,599,294.05. Following the sale, the chief executive officer now owns 136,008 shares of the company’s stock, valued at approximately $2,093,163.12. This trade represents a 55.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

SITE Centers Stock Up 0.2 %

Shares of NYSE:SITC opened at $15.61 on Friday. SITE Centers Corp. has a 12-month low of $15.24 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’s 50-day moving average price is $16.24 and its 200-day moving average price is $116.37. The stock has a market capitalization of $818.17 million, a P/E ratio of 1.14 and a beta of 1.61.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) 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 business had revenue of $89.43 million for the quarter, compared to analyst estimates of $104.55 million. During the same period last year, the company earned $1.32 EPS. SITE Centers’s revenue for the quarter was down 37.5% compared to the same quarter last year. On average, equities analysts anticipate that SITE Centers Corp. will post 3.36 earnings per share for the current year.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

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

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.