Charles Schwab Investment Management Inc. Cuts Stock Position in Site Centers Corp. $SITC

Key Points

• Charles Schwab Investment Management Inc. reduced its position in Site Centers Corp. by 3.6%, selling 29,673 shares and owning approximately 804,086 shares valued at $10,324,000 as of its latest SEC filing.
• Site Centers announced a special dividend of $1.50 per share, which was paid out to investors of record on June 30th.
• As of the latest analysis, Site Centers has an average stock rating of "Hold" and a consensus target price of $35.25, despite a significant revenue decline of 63.8% compared to the same quarter last year.

Charles Schwab Investment Management Inc. reduced its holdings in shares of Site Centers Corp. (NYSE:SITC - Free Report) by 3.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 804,086 shares of the company's stock after selling 29,673 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.53% of Site Centers worth $10,324,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of SITC. GAMMA Investing LLC increased its position in Site Centers by 1,223.2% in the first quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock worth $106,000 after buying an additional 7,608 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Site Centers by 1,306.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,419 shares of the company's stock valued at $205,000 after purchasing an additional 12,465 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Site Centers by 44.5% in the fourth quarter. ProShare Advisors LLC now owns 14,307 shares of the company's stock valued at $219,000 after purchasing an additional 4,405 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Site Centers by 79.7% in the fourth quarter. BNP Paribas Financial Markets now owns 21,460 shares of the company's stock valued at $328,000 after purchasing an additional 9,517 shares in the last quarter. Finally, KLP Kapitalforvaltning AS grew its position in shares of Site Centers by 174.7% in the first quarter. KLP Kapitalforvaltning AS now owns 26,575 shares of the company's stock valued at $341,000 after purchasing an additional 16,900 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SITC has been the subject of several recent research reports. Piper Sandler reiterated an "overweight" rating on shares of Site Centers in a research 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. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $35.25.

Site Centers Price Performance

SITC stock traded up $0.23 during mid-day trading on Wednesday, hitting $12.27. 614,260 shares of the stock were exchanged, compared to its average volume of 1,034,743. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.74 and a quick ratio of 1.74. The business has a fifty day moving average price of $11.61 and a 200 day moving average price of $12.23. Site Centers Corp. has a 12 month low of $10.45 and a 12 month high of $30.81. The stock has a market capitalization of $643.18 million, a price-to-earnings ratio of 1.81 and a beta of 1.36.

Site Centers (NYSE:SITC - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share for the quarter, meeting analysts' consensus estimates of $0.16. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The company had revenue of $30.66 million during the quarter, compared to analyst estimates of $33.10 million. During the same quarter in the previous year, the company posted $0.27 EPS. Site Centers's revenue for the quarter was down 63.8% on a year-over-year basis. On average, sell-side analysts anticipate 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 will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a dividend of $3.25 per share. The ex-dividend date of this dividend is Tuesday, September 2nd.

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.