Insider Selling: SITE Centers Corp. (NYSE:SITC) Director Sells $3,217,672.62 in Stock

SITE Centers Corp. (NYSE:SITC) Director Alexander Otto sold 228,042 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $14.11, for a total value of $3,217,672.62. Following the completion of the transaction, the director now owns 17,268,286 shares in the company, valued at approximately $243,655,515.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Alexander Otto also recently made the following trade(s):

• On Monday, June 24th, Alexander Otto sold 384,663 shares of SITE Centers stock. The shares were sold at an average price of $14.50, for a total value of $5,577,613.50.
• On Thursday, June 20th, Alexander Otto sold 191,167 shares of SITE Centers stock. The stock was sold at an average price of $14.36, for a total value of $2,745,158.12.
• On Tuesday, June 18th, Alexander Otto sold 82,984 shares of SITE Centers stock. The shares were sold at an average price of $14.40, for a total transaction of $1,194,969.60.
• On Wednesday, June 12th, Alexander Otto sold 242,573 shares of SITE Centers stock. The stock was sold at an average price of $14.71, for a total transaction of $3,568,248.83.
• On Monday, June 10th, Alexander Otto sold 91,778 shares of SITE Centers stock. The stock was sold at an average price of $14.56, for a total transaction of $1,336,287.68.

SITE Centers Stock Performance

NYSE:SITC opened at $14.50 on Friday. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.80. SITE Centers Corp. has a fifty-two week low of $10.88 and a fifty-two week high of $14.88. The firm’s fifty day simple moving average is $14.17 and its 200-day simple moving average is $13.98. The stock has a market cap of $3.04 billion, a PE ratio of 14.22 and a beta of 1.63.

SITE Centers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Tuesday, June 18th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, June 18th. This represents a $0.52 dividend on an annualized basis and a yield of 3.59%. SITE Centers’s dividend payout ratio (DPR) is presently 50.98%.

Institutional Investors Weigh In On SITE Centers

A number of hedge funds and other institutional investors have recently modified their holdings of SITC. Price T Rowe Associates Inc. MD grew its holdings in shares of SITE Centers by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 131,109 shares of the company’s stock worth $1,921,000 after acquiring an additional 6,943 shares during the period. Long Pond Capital LP boosted its position in SITE Centers by 403.8% during the first quarter. Long Pond Capital LP now owns 5,794,224 shares of the company’s stock worth $84,885,000 after purchasing an additional 4,644,142 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in SITE Centers by 5.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 447,965 shares of the company’s stock valued at $6,556,000 after purchasing an additional 22,008 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in shares of SITE Centers in the first quarter valued at $147,000. Finally, ProShare Advisors LLC raised its stake in shares of SITE Centers by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 38,210 shares of the company’s stock worth $560,000 after buying an additional 2,647 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company boosted their target price on SITE Centers from $15.50 to $16.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, SITE Centers presently has an average rating of “Hold” and an average price target of $14.38.

SITE Centers Company 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.