Weiss Asset Management LP Sells 354,106 Shares of Site Centers Corp. $SITC

Key Points

• Weiss Asset Management cut its Site Centers stake by 14.7% in the first quarter, selling 354,106 shares and leaving it with 2,052,215 shares worth about $11.1 million.
• Site Centers reported better-than-expected quarterly results, posting EPS of $0.02 versus an expected loss and revenue of $13.02 million, while analysts still forecast a full-year loss of $0.15 per share.
• The company announced a special dividend of $1.00 per share, payable July 31 to shareholders of record on July 17, even as analyst sentiment remains cautious with an average rating of “Reduce.”

Weiss Asset Management LP trimmed its position in shares of Site Centers Corp. (NYSE:SITC - Free Report) by 14.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,052,215 shares of the company's stock after selling 354,106 shares during the period. Weiss Asset Management LP owned about 3.91% of Site Centers worth $11,082,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Gumshoe Capital Management LLC purchased a new position in shares of Site Centers during the fourth quarter worth approximately $14,278,000. Cohen & Steers Inc. lifted its holdings in shares of Site Centers by 129.8% in the 4th quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company's stock worth $17,196,000 after acquiring an additional 1,512,817 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Site Centers by 176.0% in the 1st quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company's stock valued at $12,217,000 after purchasing an additional 1,442,755 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Site Centers in the 4th quarter valued at $8,356,000. Finally, Millennium Management LLC grew its holdings in shares of Site Centers by 2,101.6% during the 4th quarter. Millennium Management LLC now owns 1,257,419 shares of the company's stock valued at $8,073,000 after purchasing an additional 1,200,306 shares during the last quarter. Institutional investors own 88.70% of the company's stock.

Site Centers Stock Performance

NYSE:SITC opened at $4.38 on Friday. The firm has a market cap of $229.56 million, a PE ratio of 1.32 and a beta of 1.00. Site Centers Corp. has a fifty-two week low of $3.91 and a fifty-two week high of $12.39. The business has a 50 day moving average price of $4.73 and a 200-day moving average price of $5.50.

Site Centers (NYSE:SITC - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.11) by $0.13. Site Centers had a net margin of 212.95% and a return on equity of 47.95%. The company had revenue of $13.02 million for the quarter, compared to the consensus estimate of $10.20 million. Research analysts predict that Site Centers Corp. will post -0.15 EPS for the current year.

Site Centers Announces Dividend

The company also recently disclosed a special dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be given a $1.00 dividend.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SITC. Weiss Ratings reiterated a "sell (d)" rating on shares of Site Centers in a research report on Wednesday, June 24th. Zacks Research raised Site Centers to a "hold" rating in a research note on Wednesday. Wall Street Zen downgraded Site Centers from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Piper Sandler set a $5.00 price objective on Site Centers and gave the stock a "neutral" rating in a report on Tuesday. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average price target of $7.50.

Site Centers Profile

Site Centers NYSE: SITC is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of grocery-anchored shopping centers. The company's portfolio comprises open-air retail properties that primarily serve daily needs tenants and national retailers. By concentrating on neighborhood and community shopping centers, Site Centers aims to provide stable occupancy levels and resilient income streams driven by essential services such as supermarkets, pharmacies and convenient dining options.

Originally known as DDR Corp., the company rebranded as Site Centers in 2021 to emphasize its strategic focus on high-quality retail assets and long-term value creation.

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