SEC Form SC 13G/A filed

2/16/21 12:23:39 PM ET

Real Estate Investment Trusts

Real Estate

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SC 13G/A 1 bfs13gadec20.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 11) SAUL CENTERS, INC. (Name of Issuer) REIT (Title of Class of Securities) 804395101 (CUSIP NUMBER) December 31, 2020 (Date of Event which Requires Filing of Statement) Check the appropriate box to designate the Rule pursuant to which this Schedule is filed: [x] Rule 13d - 1(b) Rule 13d - 1(c) Rule 13d - 1(d) 1. Name of Reporting Person T. ROWE PRICE ASSOCIATES, INC. 52-0556948 2. Check the Appropriate Box if a Member of a Group NOT APPLICABLE 3. SEC Use Only 4. Citizenship or Place of Organization Maryland Number of Shares Beneficially Owned by Each Reporting Person With 5. Sole Voting Power* 632,195 6. Shared Voting Power* 0 7. Sole Dispositive Power* 1,852,423 8. Shared Dispositive Power 0 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,852,423 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares NOT APPLICABLE 11. Percent of Class Represented by Amount in Row 9 7.9% 12. Type of Reporting Person IA *Any shares reported in Items 5 and 6 are also reported in Item 7. 1. Name of Reporting Person T. ROWE PRICE SMALL-CAP VALUE FUND, INC. 52-1575325 2. Check the Appropriate Box if a Member of a Group NOT APPLICABLE 3. SEC Use Only 4. Citizenship or Place of Organization Maryland Number of Shares Beneficially Owned by Each Reporting Person With 5. Sole Voting Power* 1,171,706 6. Shared Voting Power* 0 7. Sole Dispositive Power* 0 8. Shared Dispositive Power 0 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,171,706 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares NOT APPLICABLE 11. Percent of Class Represented by Amount in Row 9 5.0% 12. Type of Reporting Person IV *Any shares reported in Items 5 and 6 are also reported in Item 7. Item 1(a) Name of Issuer: SAUL CENTERS, INC. Item 1(b) Address of Issuer's Principal Executive Offices: 7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA, MARYLAND 20814 Item 2(a) Name of Person(s) Filing: (1) T. ROWE PRICE ASSOCIATES, INC. ("Price Associates") (2) T. ROWE PRICE SMALL-CAP VALUE FUND, INC. X Attached as Exhibit A is a copy of an agreement between the Persons Filing (as specified hereinabove) that this Schedule 13G is being filed on behalf of each of them. Item 2(b) Address of Principal Business Office: 100 E. Pratt Street, Baltimore, MD 21202 Item 2(c) Citizenship or Place of Organization: (1) Maryland (2) Maryland Item 2(d) Title of Class of Securities: REIT Item 2(e) Cusip Number: 804395101 Item 3: The person filing this Schedule 13G is an: X Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940 X Investment Company registered under Section 8 of the Investment Company Act of 1940 Item 4: Reference is made to Items 5-11 on the preceding pages of this Schedule 13G. Item 5: Ownership of Five Percent or Less of a Class Not Applicable Item 6: Ownership of More than Five Percent on Behalf of Another Person (1) Price Associates does not serve as custodian of the assets of any of its clients; accordingly, in each instance only the client or the client's custodian or trustee bank has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. The ultimate power to direct the receipt of dividends paid with respect to, and the proceeds from the sale of, such securities, is vested in the individual and institutional clients which Price Associates serves as investment adviser. Any and all discretionary authority which has been delegated to Price Associates may be revoked in whole or in part at any time. Except as may be indicated if this is a joint filing with one of the registered investment companies sponsored by Price Associates which it also serves as investment adviser ("T. Rowe Price Funds"), not more than 5% of the class of such securities is owned by any one client subject to the investment advice of Price Associates. (2) With respect to securities owned by any one of the T. Rowe Price Funds, only the custodian for each of such Funds, has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. No other person is known to have such right, except that the shareholders of each such Fund participate proportionately in any dividends and distributions so paid. Item 7: Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not Applicable Item 8: Identification and Classification of Members of the Group Not Applicable Item 9: Notice of Dissolution of Group Not Applicable Item 10: Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied. Signature. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. T. ROWE PRICE ASSOCIATES, INC. Date: February 16, 2021 Signature: /s/ David Oestreicher Name & Title: David Oestreicher, Executive Vice President T. ROWE PRICE SMALL-CAP VALUE FUND, INC. Date: February 16, 2021 Signature: /s/ David Oestreicher Name & Title: David Oestreicher, Executive Vice President 12/31/2020 EXHIBIT A AGREEMENT JOINT FILING OF SCHEDULE 13G Price Associates, Inc. (an investment adviser registered under the Investment Advisers Act of 1940), and T. ROWE PRICE SMALL-CAP VALUE FUND, INC., all of which are Maryland corporations, hereby agree to file jointly the statement on Schedule 13G to which this Agreement is attached, and any amendments thereto which may be deemed necessary, pursuant to Regulation 13D-G under the Securities Exchange Act of 1934. It is understood and agreed that each of the parties hereto is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning such party contained therein, but such party is not responsible for the completeness or accuracy of information concerning the other party unless such party knows or has reason to believe that such information is inaccurate. It is understood and agreed that a copy of this Agreement shall be attached as an exhibit to the statement on Schedule 13G, and any amendments hereto, filed on behalf of each of the parties hereto. T. ROWE PRICE ASSOCIATES, INC. Date: February 16, 2021 Signature: /s/ David Oestreicher Name & Title: David Oestreicher, Executive Vice President T. ROWE PRICE SMALL-CAP VALUE FUND, INC. Date: February 16, 2021 Signature: /s/ David Oestreicher Name & Title: David Oestreicher, Executive Vice President

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Date

Price Target

Rating

Analyst

4/11/2024

$43.50

Buy

B. Riley Securities

1/4/2023

Outperform → Mkt Perform

Raymond James

8/9/2022

$53.00

Buy → Neutral

B. Riley Securities

11/9/2021

$51.00 → $56.00

Outperform

Raymond James

SEC Form SC 13G/A filed

2/16/21 12:23:39 PM ET

$BFS

Real Estate Investment Trusts

Real Estate

Get the next $BFS alert in real time by email

Date

Price Target

Rating

Analyst

4/11/2024

$43.50

Buy

B. Riley Securities

1/4/2023

Outperform → Mkt Perform

Raymond James

8/9/2022

$53.00

Buy → Neutral

B. Riley Securities

11/9/2021

$51.00 → $56.00

Outperform

Raymond James

SEC Form SC 13G/A filed

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SEC Form SC 13G/A filed

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Insider Trading

Amendment: Exec VP, CAO & Treasurer Friedman Joel Albert was granted 27 shares, increasing direct ownership by 0.57% to 4,776 units (SEC Form 4)

Director Clancy George Patrick Jr exercised 3,690 shares at a strike of $31.50, increasing direct ownership by 22% to 20,605 units (SEC Form 4)

SEC Form 4 filed by Director Clancy George Patrick Jr

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SEC Filings

Saul Centers Inc. filed SEC Form 8-K: Leadership Update

SEC Form 10-Q filed by Saul Centers Inc.

Saul Centers Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

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Press Releases

Saul Centers, Inc. Announces Tax Treatment of 2025 Dividends

Saul Centers Declares Quarterly Dividends

Saul Centers, Inc. Reports Third Quarter 2025 Earnings

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Insider Purchases

Senior Vice President & CFO Heard Carlos Lawrence bought $6,165 worth of Series D Preferred Stock (300 units at $20.55), increasing direct ownership by 8% to 4,000 units (SEC Form 4)

Senior Vice President & CFO Heard Carlos Lawrence bought $33,759 worth of Series D Preferred Stock (1,650 units at $20.46), increasing direct ownership by 80% to 3,700 units (SEC Form 4)

Sr. VP, Chief Acq. & Dev. Off. Collich John bought $59,987 worth of shares (2,000 units at $29.99), increasing direct ownership by 4% to 49,260 units (SEC Form 4)

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Analyst Ratings

B. Riley Securities resumed coverage on Saul Centers with a new price target

Saul Centers downgraded by Raymond James

Saul Centers downgraded by B. Riley Securities with a new price target

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Financials

Saul Centers, Inc. Announces Tax Treatment of 2025 Dividends

Saul Centers Declares Quarterly Dividends

Saul Centers, Inc. Reports Third Quarter 2025 Earnings

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Large Ownership Changes

Amendment: SEC Form SC 13G/A filed by Saul Centers Inc.

SEC Form SC 13G filed by Saul Centers Inc.