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

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd lifted its stake in shares of Site Centers by 483.2% in the 4th quarter. Covestor Ltd now owns 3,756 shares of the company's stock valued at $57,000 after acquiring an additional 3,112 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Site Centers by 1,223.2% in the 1st quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock valued at $106,000 after acquiring an additional 7,608 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Site Centers in the 4th quarter valued at $148,000. Rangeley Capital LLC bought a new position in shares of Site Centers in the 4th quarter valued at $186,000. Finally, Aristides Capital LLC bought a new position in shares of Site Centers in the 4th quarter valued at $205,000. 88.70% of the stock is currently owned by institutional investors.

Site Centers Stock Performance

NYSE SITC opened at $10.76 on Friday. The company has a market capitalization of $564.31 million, a price-to-earnings ratio of 1.04 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. The stock has a fifty day simple moving average of $11.70 and a 200 day simple moving average of $12.70. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58.

Site Centers (NYSE:SITC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.02). Site Centers had a net margin of 201.78% and a return on equity of 39.38%. The company had revenue of $40.35 million during the quarter, compared to analyst estimates of $33.50 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. The business's revenue for the quarter was down 66.6% on a year-over-year basis. Sell-side analysts expect that Site Centers Corp. will post 3.24 EPS for the current year.

Site Centers Announces Dividend

The firm also recently declared a special dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $1.50 per share. Site Centers's payout ratio is currently 5.04%.

Analyst Upgrades and Downgrades

SITC has been the subject of a number of research reports. Wall Street Zen upgraded Site Centers from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Piper Sandler restated an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Seven 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, the company currently has a consensus rating of "Hold" and a consensus price target of $35.25.

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.

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