Conversant Capital LLC Acquires 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 increased its position in shares of Site Centers Corp. (NYSE:SITC - Free Report) by 506.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,940,579 shares of the company's stock after buying an additional 1,620,579 shares during the period. Site Centers accounts for approximately 4.1% of Conversant Capital LLC's holdings, making the stock its 6th biggest position. Conversant Capital LLC owned about 3.70% of Site Centers worth $24,917,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SITC. AlphaQuest LLC boosted its holdings in shares of Site Centers by 256.7% during the 1st quarter. AlphaQuest LLC now owns 4,848 shares of the company's stock worth $62,000 after buying an additional 3,489 shares during the period. Covestor Ltd boosted its holdings in Site Centers by 61.7% in the 1st quarter. Covestor Ltd now owns 6,072 shares of the company's stock valued at $78,000 after purchasing an additional 2,316 shares during the period. GAMMA Investing LLC boosted its holdings in Site Centers by 1,223.2% in the 1st quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock valued at $106,000 after purchasing an additional 7,608 shares during the period. American Century Companies Inc. boosted its holdings in Site Centers by 12.3% in the 1st quarter. American Century Companies Inc. now owns 13,864 shares of the company's stock valued at $178,000 after purchasing an additional 1,516 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC bought a new stake in Site Centers in the 1st quarter valued at $184,000. 88.70% of the stock is owned by institutional investors.

Site Centers Price Performance

SITC traded up $0.14 during midday trading on Wednesday, hitting $9.12. The company had a trading volume of 655,616 shares, compared to its average volume of 970,384. 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 company has a market capitalization of $477.99 million, a PE ratio of 1.35 and a beta of 1.40. Site Centers Corp. has a twelve month low of $8.92 and a twelve month high of $30.56. The firm's 50-day simple moving average is $11.52 and its 200-day simple moving average is $12.11.

Site Centers (NYSE:SITC - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $33.10 million. During the same quarter last year, the firm earned $0.27 EPS. The company's revenue for the quarter was down 63.8% on a year-over-year basis. Equities research analysts predict 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. Shareholders of record on Friday, August 15th were paid a $3.25 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd.

Analyst Upgrades and Downgrades

SITC has been the subject of a number of research reports. Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Piper Sandler reissued 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 five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company 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.