Jacobs Levy Equity Management Inc. Makes New Investment in 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. bought a new position in shares of Site Centers Corp. (NYSE:SITC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 69,869 shares of the company's stock, valued at approximately $897,000. Jacobs Levy Equity Management Inc. owned about 0.13% of Site Centers as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AlphaQuest LLC boosted its stake 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 purchasing an additional 3,489 shares during the last quarter. Covestor Ltd boosted its stake 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 purchasing an additional 2,316 shares during the last quarter. GAMMA Investing LLC boosted its stake 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 purchasing an additional 7,608 shares during the last quarter. American Century Companies Inc. boosted its stake 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 purchasing an additional 1,516 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in 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 during the last quarter. Institutional investors and hedge funds own 88.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Piper Sandler reissued an "overweight" rating on shares of Site Centers in a research report on Tuesday, July 8th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Site Centers in a research report on Tuesday. They set a "neutral" rating and a $10.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $28.39.

Site Centers Trading Up 1.5%

Shares of SITC stock opened at $9.05 on Friday. The company's 50-day moving average price is $11.11 and its 200-day moving average price is $11.86. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The stock has a market cap of $474.58 million, a price-to-earnings ratio of 1.34 and a beta of 1.40. Site Centers Corp. has a twelve month low of $8.89 and a twelve month high of $30.56.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The firm had revenue of $30.66 million for the quarter, compared to analysts' expectations of $33.10 million. Site Centers had a net margin of 189.28% and a return on equity of 36.67%. The company's revenue was down 63.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. As a group, equities analysts predict that Site Centers Corp. will post 3.24 earnings per share for the current year.

Site Centers Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.