Schonfeld Strategic Advisors LLC Acquires 554,654 Shares of SITE Centers Corp. (NYSE:SITC)

Schonfeld Strategic Advisors LLC raised its holdings in SITE Centers Corp. (NYSE:SITC) by 161.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 898,691 shares of the company’s stock after buying an additional 554,654 shares during the quarter. Schonfeld Strategic Advisors LLC owned about 1.71% of SITE Centers worth $13,741,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in SITC. KBC Group NV boosted its holdings in SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock valued at $53,000 after acquiring an additional 2,193 shares in the last quarter. Covestor Ltd lifted its position in shares of SITE Centers by 483.2% in the 4th quarter. Covestor Ltd now owns 3,756 shares of the company’s stock worth $57,000 after purchasing an additional 3,112 shares during the period. Van ECK Associates Corp boosted its stake in shares of SITE Centers by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 8,996 shares of the company’s stock valued at $138,000 after purchasing an additional 833 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of SITE Centers during the fourth quarter valued at about $148,000. Finally, World Investment Advisors LLC purchased a new position in shares of SITE Centers during the third quarter valued at about $622,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wells Fargo & Company lowered their price objective on shares of SITE Centers from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. StockNews.com lowered shares of SITE Centers from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Finally, Piper Sandler lowered their price objective on shares of SITE Centers from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.25.

SITE Centers Price Performance

SITC stock opened at $11.87 on Wednesday. The firm has a 50 day moving average price of $12.56 and a 200-day moving average price of $14.54. SITE Centers Corp. has a 52-week low of $10.46 and a 52-week high of $64.44. The firm has a market capitalization of $622.26 million, a price-to-earnings ratio of 0.87 and a beta of 1.30. The company has a debt-to-equity ratio of 0.12, a quick ratio of 6.55 and a current ratio of 6.55.

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

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.