Rangeley Capital LLC Invests $186,000 in SITE Centers Corp. (NYSE:SITC)

Rangeley Capital LLC bought a new stake in shares of SITE Centers Corp. (NYSE:SITC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 12,197 shares of the company’s stock, valued at approximately $186,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Illinois Municipal Retirement Fund lifted its position in shares of SITE Centers by 3.0% during the fourth quarter. Illinois Municipal Retirement Fund now owns 25,206 shares of the company’s stock worth $385,000 after purchasing an additional 730 shares during the last quarter. Van ECK Associates Corp lifted its holdings in 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 buying an additional 833 shares in the last quarter. Vestcor Inc bought a new position in SITE Centers in the 3rd quarter worth about $95,000. KBC Group NV grew its stake in SITE Centers by 170.4% in the fourth quarter. KBC Group NV now owns 3,480 shares of the company’s stock worth $53,000 after purchasing an additional 2,193 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of SITE Centers by 5.1% during the 4th quarter. Meeder Asset Management Inc. now owns 45,105 shares of the company’s stock worth $690,000 after buying an additional 2,199 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

SITE Centers Trading Up 1.3 %

Shares of NYSE:SITC opened at $12.88 on Thursday. The company has a market capitalization of $675.30 million, a PE ratio of 0.94 and a beta of 1.63. SITE Centers Corp. has a 12-month low of $12.47 and a 12-month high of $64.44. The business has a 50 day moving average of $13.97 and a two-hundred day moving average of $18.59. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07). The business had revenue of $32.87 million during 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%. As a group, analysts forecast that SITE Centers Corp. will post 3.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SITC shares. Piper Sandler reduced their price target 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. StockNews.com downgraded SITE Centers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price objective on shares of SITE Centers from $17.00 to $14.50 and set an “equal weight” rating on the stock in a report on Wednesday, March 26th. Finally, Citigroup decreased their target price on SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, SITE Centers presently has an average rating of “Hold” and an average price target 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.