Kore Advisors LP Takes $4.30 Million Position in Site Centers Corp. $SITC

Kore Advisors LP purchased a new position in Site Centers Corp. (NYSE:SITC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 797,109 shares of the company’s stock, valued at approximately $4,304,000. Site Centers accounts for about 4.6% of Kore Advisors LP’s investment portfolio, making the stock its 8th biggest position. Kore Advisors LP owned about 1.52% of Site Centers at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada grew its position in Site Centers by 11.5% during the first quarter. Royal Bank of Canada now owns 139,626 shares of the company’s stock worth $1,793,000 after buying an additional 14,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Site Centers by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,217 shares of the company’s stock worth $362,000 after purchasing an additional 1,185 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Site Centers by 88.5% during the first quarter. Goldman Sachs Group Inc. now owns 725,279 shares of the company’s stock worth $9,313,000 after purchasing an additional 340,452 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Site Centers in the first quarter worth approximately $4,023,000. Finally, Strs Ohio purchased a new stake in Site Centers in the first quarter valued at approximately $114,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Site Centers Trading Down 2.6%

NYSE SITC opened at $4.26 on Thursday. The firm has a market cap of $223.78 million, a PE ratio of 1.28 and a beta of 1.00. Site Centers Corp. has a 1-year low of $3.91 and a 1-year high of $12.39. The stock has a 50-day moving average of $4.77 and a 200-day moving average of $5.52.

Site Centers (NYSE:SITC) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.13. The business had revenue of $13.02 million for the quarter, compared to analysts’ expectations of $10.20 million. Site Centers had a return on equity of 47.95% and a net margin of 212.95%.

Site Centers Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SITC shares. Piper Sandler set a $5.00 price target on shares of Site Centers and gave the stock a “neutral” rating in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Finally, Wall Street Zen cut Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $7.50.

About Site Centers

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.