Vanguard Group Inc. Lowers Position in SITE CENTERS CORP. $SITC

Key Points

• Vanguard Group Inc. reduced its stake in Site Centers Corp. by 2.9%, selling 214,523 shares, and now owns approximately 13.50% of the company worth $90.93 million.
• Site Centers recently announced a special dividend of $1.50 per share, with a dividend payout ratio of 7.69%.
• Despite a year-over-year revenue decline of 63.8%, Site Centers met analysts' expectations with an EPS of $0.16 for the recent quarter.

Vanguard Group Inc. lessened its position in shares of SITE CENTERS CORP. (NYSE:SITC - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,081,514 shares of the company's stock after selling 214,523 shares during the quarter. Vanguard Group Inc. owned about 13.50% of SITE CENTERS worth $90,927,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SITC. GAMMA Investing LLC grew its holdings in shares of SITE CENTERS by 1,223.2% in the first quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock valued at $106,000 after purchasing an additional 7,608 shares in the last quarter. Tower Research Capital LLC TRC lifted its position 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 valued at $205,000 after purchasing an additional 12,465 shares during the last quarter. ProShare Advisors LLC lifted its position in SITE CENTERS by 44.5% during the fourth quarter. ProShare Advisors LLC now owns 14,307 shares of the company's stock valued at $219,000 after purchasing an additional 4,405 shares during the last quarter. BNP Paribas Financial Markets grew 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 worth $328,000 after buying an additional 9,517 shares in the last quarter. Finally, KLP Kapitalforvaltning AS increased its holdings in shares of SITE CENTERS by 174.7% in the 1st 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. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wall Street Zen raised shares of SITE CENTERS from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Piper Sandler restated 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 six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $35.25.

SITE CENTERS Trading Down 1.3%

Shares of NYSE:SITC traded down $0.1540 on Monday, hitting $12.0460. 530,174 shares of the company's stock were exchanged, compared to its average volume of 1,087,910. The business's 50 day simple moving average is $11.59 and its two-hundred day simple moving average is $12.25. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.74 and a quick ratio of 1.74. The stock has a market capitalization of $631.69 million, a price-to-earnings ratio of 9.46 and a beta of 1.36. SITE CENTERS CORP. has a 12 month low of $10.45 and a 12 month high of $30.87.

SITE CENTERS (NYSE:SITC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $30.66 million for 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 firm's revenue was down 63.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 EPS. Analysts anticipate that SITE CENTERS CORP. will post 3.24 EPS 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 issued a $1.50 dividend.

SITE CENTERS 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.