Site Centers Corp. (NYSE:SITC) Receives Average Rating of "Hold" from Analysts

Key Points

• Site Centers Corp. (NYSE:SITC) has received a consensus rating of "Hold" from seven research firms, with five analysts recommending hold and two suggesting buy.
• After reporting earnings that met expectations, Site Centers disclosed a $3.25 special dividend paid to investors on August 29th.
• Institutional investors own a significant 88.70% of Site Centers' stock, with notable increases in holdings from several firms in recent quarters.

Shares of Site Centers Corp. (NYSE:SITC - Get Free Report) have earned a consensus recommendation of "Hold" from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $28.3929.

Several equities analysts recently commented on the stock. Wall Street Zen raised shares of 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 report on Tuesday, July 8th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Site Centers in a research note on Tuesday. They set a "neutral" rating and a $10.00 price objective for the company.

Institutional Investors Weigh In On Site Centers

A number of institutional investors and hedge funds have recently modified their holdings of the company. Conversant Capital LLC raised its position in Site Centers by 506.4% during the 1st quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock worth $24,917,000 after buying an additional 1,620,579 shares during the last quarter. Irenic Capital Management LP purchased a new stake in shares of Site Centers in the 1st quarter valued at $18,911,000. Rush Island Management LP increased its stake in shares of Site Centers by 161.0% in the fourth quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock worth $24,193,000 after acquiring an additional 976,110 shares during the period. Man Group plc raised its holdings in shares of Site Centers by 1,126.0% during the fourth quarter. Man Group plc now owns 771,623 shares of the company's stock worth $11,798,000 after purchasing an additional 708,685 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Site Centers during the first quarter valued at $6,360,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Site Centers Stock Up 1.5%

Shares of SITC traded up $0.13 during midday trading on Friday, hitting $9.05. 1,011,099 shares of the company's stock traded hands, compared to its average volume of 1,015,072. 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 stock has a market capitalization of $474.58 million, a price-to-earnings ratio of 1.34 and a beta of 1.40. Site Centers has a 1 year low of $8.89 and a 1 year high of $30.56. The firm's fifty day moving average is $11.11 and its 200-day moving average is $11.86.

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

Site Centers Announces Dividend

The company also recently declared a special dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $3.25 per share. The ex-dividend date was Tuesday, September 2nd.

About Site Centers

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.