1,472,836 Shares in Site Centers Corp. $SITC Bought by Irenic Capital Management LP

Key Points

• Irenic Capital Management LP invested $18.91 million in Site Centers Corp. (SITC), acquiring 1,472,836 shares, which now represents 2.9% of its portfolio.
• Site Centers recently declared a special dividend of $3.25 per share, payable to investors who were on record as of August 15th.
• Despite a challenging quarter with a revenue decline of 63.8%, analysts maintain a consensus rating of "Hold" for SITC, with an average price target of $31.46.

Irenic Capital Management LP purchased a new position in shares of Site Centers Corp. (NYSE:SITC - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,472,836 shares of the company's stock, valued at approximately $18,911,000. Site Centers comprises approximately 2.9% of Irenic Capital Management LP's portfolio, making the stock its 14th largest position. Irenic Capital Management LP owned about 2.81% of Site Centers at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. AlphaQuest LLC grew its position in 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 acquiring an additional 3,489 shares during the last quarter. Covestor Ltd grew its position in Site Centers by 61.7% during the 1st quarter. Covestor Ltd now owns 6,072 shares of the company's stock worth $78,000 after acquiring an additional 2,316 shares during the last quarter. GAMMA Investing LLC grew its position in Site Centers by 1,223.2% during the 1st quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock worth $106,000 after acquiring an additional 7,608 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Site Centers by 1,306.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,419 shares of the company's stock worth $205,000 after acquiring an additional 12,465 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Site Centers by 12.3% during the 1st quarter. American Century Companies Inc. now owns 13,864 shares of the company's stock worth $178,000 after acquiring an additional 1,516 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Site Centers Trading Down 0.2%

Shares of SITC stock traded down $0.02 during trading hours on Friday, reaching $9.35. The company had a trading volume of 1,475,853 shares, compared to its average volume of 924,890. The company has a 50 day moving average of $11.30 and a 200 day moving average of $12.02. 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 firm has a market cap of $490.05 million, a price-to-earnings ratio of 1.38 and a beta of 1.40. Site Centers Corp. has a 1-year low of $8.92 and a 1-year high of $30.56.

Site Centers (NYSE:SITC - Get Free Report) last posted 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. The company had revenue of $30.66 million for the quarter, compared to the consensus estimate of $33.10 million. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The firm's quarterly revenue was down 63.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.27 EPS. On average, equities research analysts anticipate that Site Centers Corp. will post 3.24 EPS for the current year.

Site Centers Announces Dividend

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 $3.25 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd.

Analyst Ratings Changes

SITC has been the topic of a number of 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 equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $31.46.

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.