SITE CENTERS CORP. (NYSE:SITC) Shares Acquired by Assetmark Inc.

Key Points

• Assetmark Inc. increased its holdings in Site Centers Corp. by 147.1% during the first quarter, now owning approximately 0.42% of the company, worth about $2.8 million.
• Several institutional investors, including Bank of America and Ameriprise Financial, have also made significant increases in their stakes in Site Centers, reflecting growing interest in the company.
• Site Centers announced a special dividend of $1.50 per share, paid to shareholders on July 15, further indicating its commitment to returning value to investors.

Assetmark Inc. lifted its stake in SITE CENTERS CORP. (NYSE:SITC - Free Report) by 147.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 221,632 shares of the company's stock after purchasing an additional 131,927 shares during the period. Assetmark Inc. owned about 0.42% of SITE CENTERS worth $2,846,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Invesco Ltd. lifted its position in shares of SITE CENTERS by 777.4% in the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock worth $32,432,000 after purchasing an additional 1,879,351 shares during the period. Rush Island Management LP lifted its holdings in SITE CENTERS by 161.0% during the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock worth $24,193,000 after buying an additional 976,110 shares during the period. Man Group plc boosted its position in SITE CENTERS by 1,126.0% during the 4th quarter. Man Group plc now owns 771,623 shares of the company's stock valued at $11,798,000 after acquiring an additional 708,685 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of SITE CENTERS by 3,701.4% in the 4th quarter. AQR Capital Management LLC now owns 727,672 shares of the company's stock valued at $11,126,000 after acquiring an additional 708,530 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of SITE CENTERS by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock valued at $111,556,000 after acquiring an additional 675,190 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

SITE CENTERS Stock Performance

SITE CENTERS stock traded down $0.14 during mid-day trading on Friday, reaching $10.63. 2,563,419 shares of the company traded hands, compared to its average volume of 1,031,447. SITE CENTERS CORP. has a fifty-two week low of $10.45 and a fifty-two week high of $32.00. The firm's fifty day moving average is $11.70 and its two-hundred day moving average is $12.70. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $557.44 million, a price-to-earnings ratio of 1.03 and a beta of 1.36.

SITE CENTERS (NYSE:SITC - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.02). The firm had revenue of $40.35 million during 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% on a year-over-year basis. During the same quarter last year, the business earned $0.28 EPS. On average, equities research analysts expect that SITE CENTERS CORP. will post 3.24 earnings per share for the current fiscal year.

SITE CENTERS Announces Dividend

The firm also recently disclosed a special dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $1.50 dividend.

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.