Jennison Associates LLC Acquires Shares of 127,928 Site Centers Corp. (NYSE:SITC)

Jennison Associates LLC acquired a new stake in Site Centers Corp. (NYSE:SITC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 127,928 shares of the company's stock, valued at approximately $1,643,000. Jennison Associates LLC owned about 0.24% of Site Centers as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SITC. Vanguard Group Inc. increased its stake in shares of Site Centers by 10.2% during the 4th quarter. Vanguard Group Inc. now owns 7,296,037 shares of the company's stock worth $111,556,000 after purchasing an additional 675,190 shares during the last quarter. Invesco Ltd. increased its stake in shares of Site Centers by 777.4% during 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 last quarter. Rush Island Management LP increased its stake in shares of Site Centers by 161.0% during 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 last quarter. Geode Capital Management LLC increased its stake in shares of 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 during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its stake in shares of Site Centers by 161.2% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 898,691 shares of the company's stock worth $13,741,000 after purchasing an additional 554,654 shares during the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analyst Upgrades and Downgrades

SITC has been the subject of several analyst reports. Wells Fargo & Company cut their price objective on shares of Site Centers from $17.00 to $14.50 and set an "equal weight" rating for the company in a report on Wednesday, March 26th. Piper Sandler reaffirmed an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $35.25.

Site Centers Trading Down 0.7%

NYSE:SITC traded down $0.08 during trading hours on Thursday, reaching $11.10. The company's stock had a trading volume of 1,407,638 shares, compared to its average volume of 940,239. The firm has a market capitalization of $581.82 million, a price-to-earnings ratio of 1.08 and a beta of 1.31. The firm has a 50-day simple moving average of $11.84 and a 200-day simple moving average of $12.86. Site Centers Corp. has a 1 year low of $10.45 and a 1 year high of $32.22. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.92 and a current ratio of 0.92.

Site Centers (NYSE:SITC - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.02). The business had revenue of $40.35 million during the quarter, compared to analysts' expectations of $33.50 million. Site Centers had a return on equity of 39.38% and a net margin of 201.78%. Site Centers's revenue for the quarter was down 66.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.28 EPS. Research analysts expect that Site Centers Corp. will post 3.24 EPS for the current fiscal year.

Site Centers Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $1.50 dividend.

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.