Institutional investor Rhumbline Advisers has reduced its holdings in Site Centers Corp. (NYSE:SITC) by 4.3% during the first quarter of 2023. According to a recent filing with the Securities and Exchange Commission, Rhumbline now owns 146,718 shares of the real estate investment trust (REIT) after selling 6,616 shares. This reduction brings the value of Rhumbline’s stake down to approximately $1.88 million, representing about 0.28% of Site Centers.
Several other institutional investors have also made adjustments to their positions in Site Centers. AlphaQuest LLC significantly increased its stake by 256.7%, now holding 4,848 shares valued at $62,000 after acquiring an additional 3,489 shares. Similarly, Covestor Ltd raised its holdings by 61.7%, owning 6,072 shares valued at $78,000 after a purchase of 2,316 shares.
Notably, GAMMA Investing LLC dramatically expanded its investment by 1,223.2%, now owning 8,230 shares valued at $106,000 following an acquisition of 7,608 shares. Other investors, including Strs Ohio, which acquired a new position worth approximately $114,000, and American Century Companies Inc., which increased its stake by 12.3%, also contributed to the changes in Site Centers’ share ownership. Institutional investors and hedge funds now collectively control around 88.70% of the company’s stock.
Analysts Provide Insights on Site Centers Stock
Wall Street analysts have recently expressed their views on Site Centers. Piper Sandler reaffirmed an “overweight” rating on the company’s shares in a research note dated July 8, 2023. Meanwhile, Wall Street Zen upgraded its rating from “sell” to “hold” on June 6, 2023. Additionally, LADENBURG THALM/SH SH initiated coverage with a “neutral” rating and set a price target of $10.00 for the stock. Currently, two analysts have assigned a “buy” rating, while six have given it a “hold” rating. As of now, the consensus rating for Site Centers stands at “hold,” with an average target price of $28.39, according to MarketBeat.com.
Recent Stock Performance and Financial Data
Shares of Site Centers opened at $8.64 on Thursday, reflecting a market capitalization of $453.08 million. The company has a P/E ratio of 1.28 and a beta of 1.40, indicating some volatility. Over the past year, the stock has fluctuated, reaching a low of $8.60 and a high of $30.25. As of now, the 50-day moving average stands at $10.88, while the 200-day moving average is at $11.71.
On August 5, 2023, Site Centers reported its quarterly earnings, revealing an earnings per share (EPS) of $0.16, meeting analysts’ expectations. The company reported revenues of $30.66 million, which fell short of the anticipated $33.10 million. This performance marks a significant decline, with revenues down 63.8% year-over-year. Last year during the same period, the company achieved an EPS of $0.27. Analysts predict that Site Centers will report an EPS of $3.24 for the current fiscal year.
In a move to reward shareholders, Site Centers declared a special dividend of $3.25 per share, which was paid on August 29, 2023. Shareholders of record as of August 15, 2023, received this dividend, with the ex-dividend date set for September 2, 2023.
Site Centers operates as a self-administered and self-managed REIT, specializing in the ownership and management of open-air shopping centers located in suburban areas with high household incomes. The company is publicly traded on the New York Stock Exchange under the ticker symbol SITC.