Caxton Associates LLP Makes New Investment in Site Centers Corp. $SITC

Key Points

• Caxton Associates LLP acquired a new stake in Site Centers Corp. ($SITC), purchasing 392,300 shares valued at approximately $5,037,000, representing around 0.75% of the company.
• Site Centers recently announced a special dividend of $3.25 per share, which was paid to investors on August 29th, following an ex-dividend date of September 2nd.
• Despite a challenging earnings report showing a 63.8% decline in revenue year-over-year, analyst ratings for Site Centers remain relatively stable, with a consensus rating of "Hold" and a target price of $31.46.

Caxton Associates LLP purchased a new position in shares of Site Centers Corp. (NYSE:SITC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 392,300 shares of the company's stock, valued at approximately $5,037,000. Caxton Associates LLP owned 0.75% of Site Centers at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of America Corp DE grew its position in shares of Site Centers by 106.6% during the fourth quarter. Bank of America Corp DE now owns 95,158 shares of the company's stock worth $1,455,000 after buying an additional 49,091 shares in the last quarter. Nuveen LLC acquired a new position in shares of Site Centers during the first quarter worth about $6,360,000. SG Americas Securities LLC grew its position in shares of Site Centers by 111.1% during the first quarter. SG Americas Securities LLC now owns 59,376 shares of the company's stock worth $762,000 after buying an additional 31,246 shares in the last quarter. Irenic Capital Management LP acquired a new position in shares of Site Centers during the first quarter worth about $18,911,000. Finally, Ameriprise Financial Inc. grew its position in shares of Site Centers by 149.4% during the fourth quarter. Ameriprise Financial Inc. now owns 341,867 shares of the company's stock worth $5,227,000 after buying an additional 204,772 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SITC. LADENBURG THALM/SH SH began coverage on Site Centers in a report on Tuesday. They issued a "neutral" rating and a $10.00 price target for the company. Wall Street Zen raised Site Centers from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Site Centers currently has a consensus rating of "Hold" and a consensus price target of $28.39.

Site Centers Stock Performance

Shares of Site Centers stock traded down $0.15 during trading hours on Wednesday, hitting $8.93. 938,418 shares of the company were exchanged, compared to its average volume of 1,012,663. Site Centers Corp. has a 1 year low of $8.90 and a 1 year high of $30.56. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average of $11.16 and a 200-day moving average of $11.90. The stock has a market capitalization of $468.03 million, a price-to-earnings ratio of 1.32 and a beta of 1.40.

Site Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The business had revenue of $30.66 million during the quarter, compared to analysts' expectations of $33.10 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. The company's quarterly revenue was down 63.8% compared to the same quarter last year. As a group, analysts expect that Site Centers Corp. will post 3.24 EPS for the current fiscal year.

Site Centers Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a dividend of $3.25 per share. The ex-dividend date was Tuesday, September 2nd.

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.