Vanguard Group Inc. Lowers Stock Holdings 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. reduced its stake in Site Centers Corp. (NYSE:SITC - Free Report) by 2.9% during the first quarter, according to its most recent filing with the SEC. The fund owned 7,081,514 shares of the company's stock after selling 214,523 shares during the quarter. Vanguard Group Inc. owned 13.50% of Site Centers worth $90,927,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SITC. Rush Island Management LP boosted its holdings 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 lifted its holdings in Site Centers by 1,126.0% during the fourth quarter. Man Group plc now owns 771,623 shares of the company's stock valued at $11,798,000 after purchasing an additional 708,685 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Site Centers by 3,701.4% during the fourth quarter. AQR Capital Management LLC now owns 727,672 shares of the company's stock valued at $11,126,000 after purchasing an additional 708,530 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in Site Centers by 161.2% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 898,691 shares of the company's stock valued at $13,741,000 after purchasing an additional 554,654 shares during the last quarter. Finally, Brown Advisory Inc. lifted its holdings in Site Centers by 100.6% during the first quarter. Brown Advisory Inc. now owns 759,033 shares of the company's stock valued at $9,746,000 after purchasing an additional 380,711 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SITC has been the topic of several recent research reports. 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 reaffirmed an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $31.46.

Site Centers Price Performance

Shares of Site Centers stock traded down $0.05 on Thursday, reaching $12.21. The stock had a trading volume of 679,105 shares, compared to its average volume of 1,016,102. Site Centers Corp. has a 1 year low of $10.45 and a 1 year high of $30.81. The company has a market cap of $640.03 million, a P/E ratio of 1.81 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's 50 day moving average is $11.61 and its two-hundred day moving average is $12.21.

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

Site Centers Dividend Announcement

The company also recently declared a special dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $3.25 dividend. The ex-dividend date of this dividend is 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.