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

Weiss Asset Management LP cut its holdings in shares of Site Centers Corp. (NYSE:SITC) by 14.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,052,215 shares of the company’s stock after selling 354,106 shares during the period. Weiss Asset Management LP’s holdings in Site Centers were worth $11,082,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SITC. Rush Island Management LP lifted its stake in Site Centers by 19.8% in the fourth quarter. Rush Island Management LP now owns 3,989,634 shares of the company’s stock worth $25,613,000 after acquiring an additional 659,269 shares during the period. Cohen & Steers Inc. increased its position in Site Centers by 129.8% during the 4th quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock valued at $17,196,000 after purchasing an additional 1,512,817 shares during the period. SG Americas Securities LLC raised its holdings in Site Centers by 176.0% in the 1st quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company’s stock worth $12,217,000 after purchasing an additional 1,442,755 shares in the last quarter. Gumshoe Capital Management LLC bought a new position in Site Centers in the 4th quarter worth $14,278,000. Finally, Nuveen LLC lifted its position in shares of Site Centers by 32.4% in the 4th quarter. Nuveen LLC now owns 1,995,706 shares of the company’s stock worth $12,812,000 after purchasing an additional 488,463 shares during the period. Institutional investors own 88.70% of the company’s stock.

Site Centers Stock Up 2.7%

Shares of SITC stock opened at $4.38 on Friday. The business’s fifty day moving average is $4.73 and its 200 day moving average is $5.50. The stock has a market cap of $229.56 million, a price-to-earnings ratio of 1.32 and a beta of 1.00. Site Centers Corp. has a twelve month low of $3.91 and a twelve month high of $12.39.

Site Centers (NYSE:SITC) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.11) by $0.13. Site Centers had a return on equity of 47.95% and a net margin of 212.95%.The business had revenue of $13.02 million during the quarter, compared to analyst estimates of $10.20 million. Equities research analysts expect that Site Centers Corp. will post -0.15 earnings per share for the current fiscal year.

Site Centers Dividend Announcement

The firm also recently declared a special dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be paid a $1.00 dividend.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SITC shares. Wall Street Zen lowered shares of Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Piper Sandler set a $5.00 price objective on shares of Site Centers and gave the stock a “neutral” rating in a report on Tuesday. Finally, Zacks Research raised Site Centers to a “hold” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Site Centers presently has an average rating of “Reduce” and a consensus price target of $7.50.

Site Centers Company 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.