Jennison Associates LLC Takes Position in Site Centers Corp. (NYSE:SITC)

Jennison Associates LLC bought a new stake in shares of Site Centers Corp. (NYSE:SITC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 127,928 shares of the company's stock, valued at approximately $1,643,000. Jennison Associates LLC owned about 0.24% of Site Centers at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Site Centers by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock worth $111,556,000 after buying an additional 675,190 shares in the last quarter. Invesco Ltd. grew its holdings 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 buying an additional 1,879,351 shares in the last quarter. Rush Island Management LP grew its holdings 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 buying an additional 976,110 shares in the last quarter. Geode Capital Management LLC grew its holdings in Site Centers by 18.4% in the 4th quarter. Geode Capital Management LLC now owns 1,412,163 shares of the company's stock worth $21,595,000 after buying an additional 219,636 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its holdings in Site Centers by 161.2% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 898,691 shares of the company's stock worth $13,741,000 after buying an additional 554,654 shares in the last quarter. 88.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Piper Sandler reissued an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Wall Street Zen raised Site Centers from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $35.25.

Site Centers Price Performance

NYSE SITC traded down $0.01 on Friday, reaching $11.01. 2,370,369 shares of the stock traded hands, compared to its average volume of 1,043,494. Site Centers Corp. has a 12 month low of $10.45 and a 12 month high of $32.22. The firm's fifty day simple moving average is $11.79 and its 200 day simple moving average is $12.80. The company has a market cap of $577.16 million, a price-to-earnings ratio of 1.07 and a beta of 1.31. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.02). Site Centers had a net margin of 201.78% and a return on equity of 39.38%. The company had revenue of $40.35 million for the quarter, compared to analyst estimates of $33.50 million. During the same quarter last year, the company posted $0.28 EPS. Site Centers's revenue was down 66.6% on a year-over-year basis. As a group, research analysts predict that Site Centers Corp. will post 3.24 EPS for the current fiscal year.

Site Centers Announces Dividend

The company also recently announced a special dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $1.50 dividend. Site Centers's dividend payout ratio (DPR) is currently 5.04%.

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.