Invesco Ltd. Purchases 82,469 Shares of Site Centers Corp. $SITC

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. grew its stake in Site Centers Corp. (NYSE:SITC - Free Report) by 3.9% in the first quarter, according to the company in its most recent Form 13F 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 period. Invesco Ltd. owned 4.20% of Site Centers worth $28,294,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SITC. Covestor Ltd grew 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 buying an additional 2,316 shares during the period. GAMMA Investing LLC raised its stake in Site Centers by 1,223.2% during the first 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 period. Tower Research Capital LLC TRC raised its stake in Site Centers by 1,306.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 13,419 shares of the company's stock worth $205,000 after purchasing an additional 12,465 shares during the period. ProShare Advisors LLC raised its stake in shares of Site Centers by 44.5% in the 4th quarter. ProShare Advisors LLC now owns 14,307 shares of the company's stock valued at $219,000 after acquiring an additional 4,405 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Site Centers by 79.7% in the 4th quarter. BNP Paribas Financial Markets now owns 21,460 shares of the company's stock valued at $328,000 after acquiring an additional 9,517 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Site Centers Stock Performance

Site Centers stock traded down $0.1540 during mid-day trading on Monday, reaching $12.0460. The company's stock had a trading volume of 530,174 shares, compared to its average volume of 1,087,910. Site Centers Corp. has a twelve month low of $10.45 and a twelve month high of $30.87. The firm has a market cap of $631.69 million, a price-to-earnings ratio of 1.78 and a beta of 1.36. 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 business has a 50 day moving average price of $11.60 and a 200-day moving average price of $12.23.

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

Site Centers Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Piper Sandler reiterated an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus 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.