Site Centers Corp. $SITC Shares Purchased by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in Site Centers Corp. by 3.9%, now owning approximately 4.20% of the company, valued at $28.29 million.
• Site Centers announced a special dividend of $1.50 per share, reflecting a dividend payout ratio of 7.69%.
• Analysts have an average rating of "Hold" for Site Centers, with an average price target of $35.25.

Invesco Ltd. boosted its holdings in shares of Site Centers Corp. (NYSE:SITC - Free Report) by 3.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,203,583 shares of the company's stock after buying an additional 82,469 shares during the quarter. Invesco Ltd. owned 4.20% of Site Centers worth $28,294,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Covestor Ltd lifted its position in Site Centers by 61.7% during the first quarter. Covestor Ltd now owns 6,072 shares of the company's stock valued at $78,000 after purchasing an additional 2,316 shares during the period. New Age Alpha Advisors LLC raised its stake in shares of Site Centers by 39.3% during the 1st quarter. New Age Alpha Advisors LLC now owns 327,496 shares of the company's stock valued at $4,205,000 after buying an additional 92,455 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Site Centers by 147.1% in the 1st quarter. Assetmark Inc. now owns 221,632 shares of the company's stock valued at $2,846,000 after buying an additional 131,927 shares during the period. KLP Kapitalforvaltning AS boosted its stake in shares of Site Centers by 174.7% in the first quarter. KLP Kapitalforvaltning AS now owns 26,575 shares of the company's stock worth $341,000 after buying an additional 16,900 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Site Centers in the first quarter worth about $817,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Site Centers Price Performance

Site Centers stock traded up $0.3470 during trading on Friday, reaching $12.1870. The company had a trading volume of 626,966 shares, compared to its average volume of 1,175,079. The firm has a market capitalization of $639.09 million, a PE ratio of 1.80 and a beta of 1.36. Site Centers Corp. has a 1-year low of $10.45 and a 1-year high of $30.99. The firm's 50-day simple moving average is $11.59 and its 200 day simple moving average is $12.29. 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 posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.The company had revenue of $30.66 million during the quarter, compared to analyst estimates of $33.10 million. During the same period in the previous year, the business earned $0.27 EPS. Site Centers's quarterly revenue was down 63.8% on a year-over-year basis. As a group, equities research analysts anticipate that Site Centers Corp. will post 3.24 earnings per share for the current fiscal year.

Site Centers Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages 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 reaffirmed 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $35.25.

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.