Utah Retirement Systems Grows Position in SITE Centers Corp. (NYSE:SITC)

Posted by on Mar 13th, 2023

Utah Retirement Systems grew its stake in shares of SITE Centers Corp. (NYSE:SITC – Get Rating) by 243.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 106,715 shares of the company’s stock after purchasing an additional 75,614 shares during the period. Utah Retirement Systems owned approximately 0.05% of SITE Centers worth $1,143,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Park Avenue Securities LLC boosted its stake in shares of SITE Centers by 8.0% during the 3rd quarter. Park Avenue Securities LLC now owns 12,465 shares of the company’s stock worth $133,000 after acquiring an additional 927 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of SITE Centers by 1.3% in the second quarter. BNP Paribas Arbitrage SA now owns 73,593 shares of the company’s stock valued at $991,000 after buying an additional 966 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of SITE Centers by 0.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 227,750 shares of the company’s stock worth $2,439,000 after buying an additional 1,126 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of SITE Centers by 4.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 25,786 shares of the company’s stock worth $276,000 after buying an additional 1,169 shares in the last quarter. Finally, Alps Advisors Inc. grew its stake in SITE Centers by 3.3% in the 2nd quarter. Alps Advisors Inc. now owns 37,123 shares of the company’s stock valued at $500,000 after acquiring an additional 1,178 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Truist Financial reduced their price target on shares of SITE Centers from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Friday, December 2nd. StockNews.com raised SITE Centers from a “sell” rating to a “hold” rating in a research report on Wednesday, January 18th. Finally, Mizuho upped their price objective on SITE Centers from $13.00 to $14.00 in a research report on Wednesday, March 1st. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.95.

Insider Buying and Selling at SITE Centers

In related news, EVP John M. Cattonar sold 11,000 shares of the stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $13.61, for a total value of $149,710.00. Following the transaction, the executive vice president now directly owns 40,922 shares of the company’s stock, valued at approximately $556,948.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 20.30% of the stock is owned by company insiders.

SITE Centers Price Performance

NYSE SITC opened at $12.17 on Monday. The firm has a market cap of $2.56 billion, a P/E ratio of 16.45 and a beta of 1.55. SITE Centers Corp. has a 12 month low of $10.42 and a 12 month high of $17.22. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.40 and a current ratio of 0.40. The company’s 50-day moving average is $13.37.

SITE Centers Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 6th. Shareholders of record on Friday, March 17th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date is Thursday, March 16th. SITE Centers’s dividend payout ratio is currently 70.27%.

About SITE Centers

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SITE Centers Corp. is a real estate investment trust, which engages in the acquisition, development, lease, and management of shopping centers. It operates through the Shopping Centers and Loan Investments segments. The company was founded in 1965 and is headquartered in Beachwood, OH.

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Institutional Ownership by Quarter for SITE Centers (NYSE:SITC)

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