Conversant Capital LLC Purchases 1,620,579 Shares of SITE CENTERS CORP. $SITC

Key Points

• Conversant Capital LLC increased its stake in Site Centers Corp. by 506.4% in the first quarter, becoming the company's 6th largest shareholder with a total of 1,940,579 shares.
• Site Centers recently declared a special dividend of $3.25 to be paid on August 29th, with a payout ratio of 7.69%.
• Despite a low of $10.45 and a high of $30.81 over the past year, Site Centers reported a drop in revenue to $30.66 million compared to analyst expectations of $33.10 million.

Conversant Capital LLC grew its position in shares of SITE CENTERS CORP. (NYSE:SITC - Free Report) by 506.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,940,579 shares of the company's stock after buying an additional 1,620,579 shares during the quarter. SITE CENTERS accounts for 4.1% of Conversant Capital LLC's investment portfolio, making the stock its 6th largest holding. Conversant Capital LLC owned 3.70% of SITE CENTERS worth $24,917,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AlphaQuest LLC lifted its position in SITE CENTERS by 256.7% during the first quarter. AlphaQuest LLC now owns 4,848 shares of the company's stock valued at $62,000 after buying an additional 3,489 shares in the last quarter. Covestor Ltd increased its stake in shares of SITE CENTERS by 61.7% in the first quarter. Covestor Ltd now owns 6,072 shares of the company's stock worth $78,000 after buying an additional 2,316 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of 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. American Century Companies Inc. increased its stake in shares of SITE CENTERS by 12.3% in the first quarter. American Century Companies Inc. now owns 13,864 shares of the company's stock worth $178,000 after buying an additional 1,516 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC bought a new stake in shares of SITE CENTERS in the first quarter worth $184,000. Institutional investors and hedge funds own 88.70% of the company's stock.

SITE CENTERS Price Performance

NYSE SITC traded up $0.10 on Monday, reaching $12.33. The company's stock had a trading volume of 1,554,427 shares, compared to its average volume of 918,807. SITE CENTERS CORP. has a twelve month low of $10.45 and a twelve month high of $30.81. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.74 and a current ratio of 1.74. The stock has a market cap of $646.32 million, a PE ratio of 9.52 and a beta of 1.40. The firm's 50 day moving average is $11.61 and its two-hundred day moving average is $12.15.

SITE CENTERS (NYSE:SITC - Get Free Report) last issued its quarterly 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 net margin of 189.28% and a return on equity of 36.67%. The company had revenue of $30.66 million during the quarter, compared to the consensus estimate of $33.10 million. During the same period in the prior year, the company earned $0.27 EPS. SITE CENTERS's revenue was down 63.8% on a year-over-year basis. As a group, sell-side analysts predict that SITE CENTERS CORP. will post 3.24 EPS for the current year.

SITE CENTERS Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SITC. Piper Sandler restated an "overweight" rating on shares of SITE CENTERS in a research note on Tuesday, July 8th. Wall Street Zen raised shares of SITE CENTERS from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $31.46.

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.