Allianz Asset Management GmbH Acquires 68,710 Shares of Site Centers Corp. (NYSE:SITC)

Key Points

• Allianz Asset Management GmbH increased its stake in Site Centers Corp. by 532.7% in the first quarter, acquiring an additional 68,710 shares and bringing its total holdings to 81,609 shares.
• Site Centers reported a net margin of 201.78% and earnings of $0.16 per share for the latest quarter, missing estimates of $0.18, while its revenue of $40.35 million was well above the expected $33.50 million.
• The company declared a special dividend of $1.50 per share, reflecting a payout ratio of 5.04% for its shareholders.

Allianz Asset Management GmbH boosted its stake in Site Centers Corp. (NYSE:SITC - Free Report) by 532.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 81,609 shares of the company's stock after purchasing an additional 68,710 shares during the quarter. Allianz Asset Management GmbH owned about 0.16% of Site Centers worth $1,048,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Bank of America Corp DE raised its position in shares of Site Centers by 106.6% during the 4th quarter. Bank of America Corp DE now owns 95,158 shares of the company's stock valued at $1,455,000 after buying an additional 49,091 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Site Centers by 111.1% during the 1st quarter. SG Americas Securities LLC now owns 59,376 shares of the company's stock valued at $762,000 after buying an additional 31,246 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Site Centers by 149.4% during the 4th quarter. Ameriprise Financial Inc. now owns 341,867 shares of the company's stock valued at $5,227,000 after buying an additional 204,772 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Site Centers by 18.4% during the 4th quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company's stock valued at $21,595,000 after buying an additional 219,636 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Site Centers by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 277,998 shares of the company's stock valued at $3,569,000 after buying an additional 6,931 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analysts Set New Price Targets

SITC has been the topic of several recent research reports. Piper Sandler restated an "overweight" rating on shares of Site Centers in a research report on Tuesday, July 8th. Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Site Centers presently has a consensus rating of "Hold" and an average target price of $35.25.

Site Centers Trading Up 1.8%

Shares of NYSE:SITC traded up $0.21 during trading on Tuesday, reaching $11.34. 566,659 shares of the company were exchanged, compared to its average volume of 974,743. The firm has a market capitalization of $594.41 million, a PE ratio of 1.10 and a beta of 1.36. The business's fifty day simple moving average is $11.67 and its 200-day simple moving average is $12.60. Site Centers Corp. has a 12-month low of $10.45 and a 12-month high of $32.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92.

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

Site Centers Dividend Announcement

The business also recently announced a special dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.50 per share.

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.