Bessemer Group Inc. Raises Stock Position in Site Centers Corp. $SITC

Key Points

• Bessemer Group Inc. dramatically increased its stake in Site Centers, reporting ownership of 635,301 shares after buying 635,100 more in the first quarter. The position was valued at about $3.43 million and represented roughly 1.21% of the company.
• Wall Street sentiment remains cautious, with Piper Sandler assigning a $5 target and a neutral rating while other firms have issued sell views. Overall, Site Centers carries a consensus rating of “Reduce” with an average target price of $7.50.
• The company posted a surprise earnings beat, reporting $0.02 per share versus expectations for a loss, and revenue of $13.02 million above estimates. Site Centers also announced a $1.00 special dividend payable July 31 to shareholders of record on July 17.

Bessemer Group Inc. increased its position in shares of Site Centers Corp. (NYSE:SITC - Free Report) by 315,970.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 635,301 shares of the company's stock after acquiring an additional 635,100 shares during the period. Bessemer Group Inc. owned approximately 1.21% of Site Centers worth $3,431,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Pensionfund Sabic bought a new position in Site Centers in the 4th quarter valued at $32,000. EverSource Wealth Advisors LLC increased its holdings in shares of Site Centers by 4,078.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company's stock worth $43,000 after purchasing an additional 3,671 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Site Centers by 380.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company's stock worth $45,000 after purchasing an additional 5,535 shares during the period. Pensionfund PDN purchased a new stake in shares of Site Centers in the fourth quarter worth $48,000. Finally, Laurion Capital Management LP purchased a new stake in shares of Site Centers in the fourth quarter worth $70,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on SITC. Piper Sandler set a $5.00 target price on Site Centers and gave the stock a "neutral" rating in a research note on Tuesday. Wall Street Zen downgraded Site Centers from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Site Centers in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Site Centers presently has a consensus rating of "Reduce" and an average target price of $7.50.

Site Centers Stock Performance

Shares of NYSE:SITC opened at $4.38 on Wednesday. The firm has a market capitalization of $229.58 million, a PE ratio of 1.32 and a beta of 1.00. Site Centers Corp. has a 52-week low of $3.91 and a 52-week high of $12.39. The firm has a fifty day moving average of $4.80 and a 200 day moving average of $5.54.

Site Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.13. The business had revenue of $13.02 million for the quarter, compared to the consensus estimate of $10.20 million. Site Centers had a return on equity of 47.95% and a net margin of 212.95%.

Site Centers Dividend Announcement

The firm also recently declared a special dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be given a dividend of $1.00 per share. Site Centers's payout ratio is currently 15.66%.

About Site Centers

Site Centers NYSE: SITC is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of grocery-anchored shopping centers. The company's portfolio comprises open-air retail properties that primarily serve daily needs tenants and national retailers. By concentrating on neighborhood and community shopping centers, Site Centers aims to provide stable occupancy levels and resilient income streams driven by essential services such as supermarkets, pharmacies and convenient dining options.

Originally known as DDR Corp., the company rebranded as Site Centers in 2021 to emphasize its strategic focus on high-quality retail assets and long-term value creation.

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