Cbre Clarion Securities LLC grew its position in SITE Centers Corp. (NYSE:SITC) by 16.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,940,375 shares of the company’s stock after acquiring an additional 419,801 shares during the period. Cbre Clarion Securities LLC owned 1.39% of SITE Centers worth $39,871,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Comerica Bank raised its position in SITE Centers by 0.9% during the 4th quarter. Comerica Bank now owns 158,372 shares of the company’s stock worth $1,801,000 after purchasing an additional 1,338 shares during the last quarter. First Trust Advisors LP raised its position in SITE Centers by 73.4% during the 4th quarter. First Trust Advisors LP now owns 315,851 shares of the company’s stock worth $3,196,000 after purchasing an additional 133,672 shares during the last quarter. Bailard Inc. bought a new position in SITE Centers during the 4th quarter worth $323,000. CIBC Asset Management Inc raised its position in SITE Centers by 17.0% during the 4th quarter. CIBC Asset Management Inc now owns 20,872 shares of the company’s stock worth $211,000 after purchasing an additional 3,036 shares during the last quarter. Finally, State of Wisconsin Investment Board raised its position in SITE Centers by 44.9% during the 4th quarter. State of Wisconsin Investment Board now owns 76,905 shares of the company’s stock worth $778,000 after purchasing an additional 23,845 shares during the last quarter. Institutional investors own 79.56% of the company’s stock.
Shares of SITC traded down $0.03 during trading hours on Friday, hitting $15.68. The stock had a trading volume of 22,366 shares, compared to its average volume of 2,036,757. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.96. The business’s 50 day moving average is $14.57. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -785.50 and a beta of 1.73. SITE Centers Corp. has a 1-year low of $6.59 and a 1-year high of $15.90.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 2nd. Shareholders of record on Thursday, June 10th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, June 9th. This represents a $0.48 dividend on an annualized basis and a yield of 3.06%. This is an increase from SITE Centers’s previous quarterly dividend of $0.11. SITE Centers’s payout ratio is 44.44%.
In related news, Director Terrance R. Ahern sold 45,000 shares of SITE Centers stock in a transaction that occurred on Wednesday, May 26th. The shares were sold at an average price of $14.80, for a total value of $666,000.00. Following the sale, the director now owns 126,311 shares of the company’s stock, valued at approximately $1,869,402.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Terrance R. Ahern sold 10,000 shares of SITE Centers stock in a transaction that occurred on Thursday, May 13th. The stock was sold at an average price of $14.29, for a total transaction of $142,900.00. Following the completion of the sale, the director now directly owns 194,818 shares in the company, valued at approximately $2,783,949.22. The disclosure for this sale can be found here. Insiders have sold a total of 8,644,624 shares of company stock valued at $124,853,641 in the last quarter. Company insiders own 20.30% of the company’s stock.
Several research analysts recently issued reports on the company. Mizuho raised their target price on SITE Centers from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, April 23rd. KeyCorp increased their price target on SITE Centers from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, April 23rd. Morgan Stanley increased their price target on SITE Centers from $14.50 to $15.75 and gave the stock an “equal weight” rating in a report on Friday. Truist increased their price target on SITE Centers from $11.00 to $13.00 in a report on Wednesday, March 31st. Finally, TheStreet upgraded SITE Centers from a “d+” rating to a “c-” rating in a report on Wednesday, March 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $12.23.
SITE Centers Company Profile
SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.
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