MetLife Investment Management LLC Grows Stock Position in SITE Centers Corp. (NYSE:SITC)

MetLife Investment Management LLC increased its stake in SITE Centers Corp. (NYSE:SITC) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,425 shares of the company’s stock after acquiring an additional 1,598 shares during the period. MetLife Investment Management LLC’s holdings in SITE Centers were worth $465,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in SITE Centers by 10.2% in the fourth quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company’s stock valued at $111,556,000 after purchasing an additional 675,190 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in SITE Centers during the 4th quarter valued at $34,297,000. Invesco Ltd. grew its holdings in SITE Centers by 777.4% in the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company’s stock worth $32,432,000 after acquiring an additional 1,879,351 shares during the last quarter. Geode Capital Management LLC increased its position in shares of SITE Centers by 18.4% in the fourth quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company’s stock valued at $21,595,000 after acquiring an additional 219,636 shares during the period. Finally, APG Asset Management US Inc. raised its stake in shares of SITE Centers by 108.7% during the fourth quarter. APG Asset Management US Inc. now owns 802,381 shares of the company’s stock valued at $12,268,000 after acquiring an additional 417,947 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

SITE Centers Stock Performance

Shares of SITE Centers stock opened at $11.86 on Tuesday. SITE Centers Corp. has a 12 month low of $10.46 and a 12 month high of $64.44. The firm has a market capitalization of $622.21 million, a P/E ratio of 0.87 and a beta of 1.32. 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 business has a fifty day simple moving average of $12.34 and a two-hundred day simple moving average of $14.38.

SITE Centers (NYSE:SITC) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.07). The business had revenue of $32.87 million for the quarter, compared to analysts’ expectations of $43.58 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. On average, equities analysts forecast that SITE Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SITC. Wells Fargo & Company cut their target price on SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research note on Wednesday, March 26th. Piper Sandler cut their price objective on SITE Centers from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $35.25.

About SITE Centers

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.