Assetmark Inc. Grows Stake in Site Centers Corp. (NYSE:SITC)

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. grew its holdings in shares of Site Centers Corp. (NYSE:SITC - Free Report) by 147.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of SITC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Site Centers by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,032 shares of the company's stock worth $413,000 after purchasing an additional 1,011 shares during the period. Deutsche Bank AG grew its position in Site Centers by 1.9% during the fourth quarter. Deutsche Bank AG now owns 63,704 shares of the company's stock worth $974,000 after buying an additional 1,195 shares during the period. MetLife Investment Management LLC increased its holdings in Site Centers by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 30,425 shares of the company's stock valued at $465,000 after buying an additional 1,598 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Site Centers by 5.1% during the 4th quarter. Meeder Asset Management Inc. now owns 45,105 shares of the company's stock valued at $690,000 after acquiring an additional 2,199 shares during the period. Finally, Covestor Ltd boosted its stake in shares of Site Centers by 483.2% during the 4th quarter. Covestor Ltd now owns 3,756 shares of the company's stock worth $57,000 after acquiring an additional 3,112 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Site Centers Trading Down 1.3%

NYSE:SITC traded down $0.14 on Friday, reaching $10.63. The stock had a trading volume of 2,563,419 shares, compared to its average volume of 1,031,447. The company has a market cap of $557.44 million, a price-to-earnings ratio of 1.03 and a beta of 1.36. 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. The firm's fifty day moving average is $11.68 and its two-hundred day moving average is $12.65.

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

Site Centers Dividend Announcement

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

Analysts Set New Price Targets

SITC has been the subject of several research reports. Piper Sandler reaffirmed an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Wall Street Zen upgraded 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 assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $35.25.

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.