Nuveen LLC Invests $6.36 Million in Site Centers Corp. $SITC

Key Points

• Nuveen LLC has acquired 495,315 shares of Site Centers Corp., worth approximately $6.36 million, representing a 0.94% ownership stake in the company.
• Site Centers reported a quarterly earnings per share (EPS) of $0.16, meeting analysts' expectations, although revenue decreased 63.8% year-over-year to $30.66 million.
• The company declared a special dividend of $1.50 per share, with a current dividend payout ratio of 7.69%, highlighting its commitment to returning value to shareholders.

Nuveen LLC purchased a new position in Site Centers Corp. (NYSE:SITC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 495,315 shares of the company's stock, valued at approximately $6,360,000. Nuveen LLC owned about 0.94% of Site Centers at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SITC. Rush Island Management LP boosted its stake in shares of 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 during the last quarter. Man Group plc boosted its stake in shares of Site Centers by 1,126.0% in the 4th quarter. Man Group plc now owns 771,623 shares of the company's stock worth $11,798,000 after buying an additional 708,685 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Site Centers by 3,701.4% in the 4th quarter. AQR Capital Management LLC now owns 727,672 shares of the company's stock worth $11,126,000 after buying an additional 708,530 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in shares of 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 during the last quarter. Finally, Brown Advisory Inc. boosted its stake in shares of Site Centers by 100.6% in the 1st quarter. Brown Advisory Inc. now owns 759,033 shares of the company's stock worth $9,746,000 after buying an additional 380,711 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on SITC. Wall Street Zen upgraded Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Piper Sandler reiterated an "overweight" rating on shares of Site Centers in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $31.46.

Site Centers Price Performance

Shares of Site Centers stock traded up $0.10 during trading hours on Friday, hitting $12.33. The company's stock had a trading volume of 1,554,427 shares, compared to its average volume of 918,807. The business has a 50 day moving average price of $11.61 and a two-hundred day moving average price of $12.15. Site Centers Corp. has a 12-month low of $10.45 and a 12-month high of $30.81. The company has a market cap of $646.32 million, a PE ratio of 1.82 and a beta of 1.40. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.74 and a current ratio of 1.74.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The business had revenue of $30.66 million for the quarter, compared to the consensus estimate of $33.10 million. During the same period in the previous year, the business earned $0.27 earnings per share. The business's revenue was down 63.8% on a year-over-year basis. Analysts expect that Site Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Site Centers Announces Dividend

The firm also recently disclosed a special dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given 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.