KLP Kapitalforvaltning AS Has $341,000 Stake in Site Centers Corp. (NYSE:SITC)

KLP Kapitalforvaltning AS lifted its stake in shares of Site Centers Corp. (NYSE:SITC) by 174.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,575 shares of the company’s stock after purchasing an additional 16,900 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.05% of Site Centers worth $341,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SITC. Vanguard Group Inc. lifted its position in shares of Site Centers by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company’s stock worth $111,556,000 after purchasing an additional 675,190 shares in the last quarter. Norges Bank acquired a new position in shares of Site Centers during the fourth quarter worth approximately $3,613,000. Nomura Asset Management Co. Ltd. lifted its position in shares of Site Centers by 6.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 62,950 shares of the company’s stock worth $963,000 after purchasing an additional 3,625 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in shares of Site Centers during the fourth quarter worth approximately $1,176,000. Finally, Franklin Resources Inc. lifted its position in shares of Site Centers by 79.9% during the fourth quarter. Franklin Resources Inc. now owns 246,632 shares of the company’s stock worth $3,771,000 after purchasing an additional 109,522 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Site Centers Trading Down 2.3%

SITC opened at $10.96 on Thursday. The firm’s fifty day moving average is $11.72 and its two-hundred day moving average is $12.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $574.74 million, a PE ratio of 1.06 and a beta of 1.31. Site Centers Corp. has a twelve month low of $10.45 and a twelve month high of $32.08.

Site Centers (NYSE:SITC) last posted its earnings results on Wednesday, May 7th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.02). The firm had revenue of $40.35 million during the quarter, compared to analyst estimates of $33.50 million. Site Centers had a return on equity of 39.38% and a net margin of 201.78%. The company’s revenue for the quarter was down 66.6% on a year-over-year basis. During the same quarter last year, the business posted $0.28 earnings per share. Equities research analysts anticipate that Site Centers Corp. will post 3.24 EPS for the current year.

Site Centers Announces Dividend

The company also recently announced a special dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $1.50 dividend.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SITC shares. Wall Street Zen upgraded shares of Site Centers from a “sell” rating to a “hold” rating in a research report on Friday, June 6th. Piper Sandler restated an “overweight” rating on shares of Site Centers in a report on Tuesday, July 8th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $35.25.

Site Centers 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.