Hennion & Walsh Asset Management Inc. Acquires New Shares in SITE Centers Corp. (NYSE:SITC)

Hennion & Walsh Asset Management Inc. purchased a new stake in SITE Centers Corp. (NYSE:SITC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,194 shares of the company's stock, valued at approximately $465,000. Hennion & Walsh Asset Management Inc. owned approximately 0.07% of SITE Centers as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of SITC. Vanguard Group Inc. increased its position in shares of SITE Centers by 10.2% in the fourth quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock worth $111,556,000 after acquiring an additional 675,190 shares in the last quarter. Invesco Ltd. boosted its stake in SITE Centers by 777.4% in the 4th quarter. Invesco Ltd. now owns 2,121,114 shares of the company's stock worth $32,432,000 after purchasing an additional 1,879,351 shares during the period. Rush Island Management LP boosted its stake in SITE Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock worth $24,193,000 after purchasing an additional 976,110 shares during the period. Geode Capital Management LLC grew its position in SITE Centers by 18.4% during the 4th quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company's stock worth $21,595,000 after purchasing an additional 219,636 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its stake in SITE Centers by 161.2% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 898,691 shares of the company's stock valued at $13,741,000 after purchasing an additional 554,654 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

SITE Centers Stock Down 0.9%

SITC traded down $0.11 during trading on Thursday, reaching $11.87. 516,263 shares of the stock traded hands, compared to its average volume of 926,771. The stock's 50-day simple moving average is $11.86 and its two-hundred day simple moving average is $13.62. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. SITE Centers Corp. has a fifty-two week low of $10.46 and a fifty-two week high of $64.44. The stock has a market cap of $622.52 million, a price-to-earnings ratio of 0.87 and a beta of 1.32.

SITE Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.02). The firm had revenue of $40.35 million for the quarter, compared to analyst estimates of $33.50 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm's quarterly revenue was down 66.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.28 earnings per share. As a group, equities research analysts expect that SITE Centers Corp. will post 3.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SITC. Piper Sandler reduced their target price on SITE Centers from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Wall Street Zen raised SITE Centers from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Wells Fargo & Company lowered their target price on SITE Centers from $17.00 to $14.50 and set an "equal weight" rating on the stock in a research note on Wednesday, March 26th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $35.25.

SITE Centers 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.