Jacobs Levy Equity Management Inc. Buys Shares of 69,869 Site Centers Corp. $SITC

Key Points

• Jacobs Levy Equity Management Inc. has established a new position in Site Centers Corp. (NYSE:SITC) by purchasing 69,869 shares valued at approximately $897,000. This brings their total ownership to about 0.13% of the company.
• Several institutional investors have significantly increased their stakes in Site Centers, with AlphaQuest LLC boosting its stake by 256.7% in the 1st quarter.
• Site Centers recently announced a special $3.25 dividend, which was paid to investors on August 29th, with an ex-dividend date of September 2nd.

Jacobs Levy Equity Management Inc. acquired a new stake in shares of Site Centers Corp. (NYSE:SITC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 69,869 shares of the company's stock, valued at approximately $897,000. Jacobs Levy Equity Management Inc. owned approximately 0.13% of Site Centers at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. AlphaQuest LLC lifted its stake in Site Centers by 256.7% in the 1st quarter. AlphaQuest LLC now owns 4,848 shares of the company's stock valued at $62,000 after acquiring an additional 3,489 shares in the last quarter. Covestor Ltd raised its stake in shares of 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 purchasing an additional 2,316 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of 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 purchasing an additional 7,608 shares in the last quarter. American Century Companies Inc. raised its stake in shares of 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 purchasing an additional 1,516 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Site Centers by 44.5% during the 4th quarter. ProShare Advisors LLC now owns 14,307 shares of the company's stock worth $219,000 after purchasing an additional 4,405 shares in the last quarter. Institutional investors own 88.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SITC. LADENBURG THALM/SH SH began coverage on Site Centers in a research note on Tuesday, September 9th. They set a "neutral" rating and a $10.00 price objective on the stock. Wall Street Zen upgraded Site Centers from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Piper Sandler restated an "overweight" rating on shares of Site Centers in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $28.39.

Site Centers Price Performance

Shares of SITC traded down $0.09 during trading hours on Wednesday, hitting $8.64. 1,341,346 shares of the company were exchanged, compared to its average volume of 1,062,511. The company has a market cap of $453.08 million, a price-to-earnings ratio of 1.28 and a beta of 1.40. Site Centers Corp. has a fifty-two week low of $8.60 and a fifty-two week high of $30.25. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.59. The firm's fifty day moving average is $10.88 and its 200 day moving average is $11.71.

Site Centers (NYSE:SITC - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $30.66 million for the quarter, compared to analyst estimates of $33.10 million. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.Site Centers's quarterly revenue was down 63.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 EPS. On average, equities analysts anticipate that Site Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Site Centers Announces Dividend

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

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.