Jupiter Asset Management Ltd. lowered its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 35.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 904,148 shares of the company’s stock after selling 505,024 shares during the period. Jupiter Asset Management Ltd. owned approximately 0.43% of SITE Centers worth $12,278,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Veriti Management LLC bought a new position in SITE Centers in the fourth quarter worth approximately $40,000. Van ECK Associates Corp boosted its holdings in SITE Centers by 33.2% in the fourth quarter. Van ECK Associates Corp now owns 6,153 shares of the company’s stock worth $62,000 after acquiring an additional 1,534 shares in the last quarter. Ground Swell Capital LLC bought a new position in SITE Centers in the first quarter worth approximately $137,000. Teacher Retirement System of Texas bought a new position in SITE Centers in the fourth quarter worth approximately $143,000. Finally, Profund Advisors LLC boosted its holdings in SITE Centers by 30.6% in the fourth quarter. Profund Advisors LLC now owns 14,632 shares of the company’s stock worth $148,000 after acquiring an additional 3,429 shares in the last quarter. 79.56% of the stock is owned by institutional investors and hedge funds.
Shares of SITE Centers stock opened at $15.71 on Friday. The stock’s fifty day simple moving average is $14.57. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of -785.50 and a beta of 1.73. SITE Centers Corp. has a 12 month low of $6.59 and a 12 month high of $15.90. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.96.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 2nd. Investors of record on Thursday, June 10th will be issued a dividend of $0.12 per share. This is a positive change from SITE Centers’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Wednesday, June 9th. SITE Centers’s dividend payout ratio (DPR) is 44.44%.
In other SITE Centers news, Director Terrance R. Ahern sold 45,000 shares of the firm’s stock in a transaction on Wednesday, May 26th. The stock was sold at an average price of $14.80, for a total value of $666,000.00. Following the completion of the sale, the director now directly owns 126,311 shares of the company’s stock, valued at $1,869,402.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexander Otto sold 8,500,000 shares of the firm’s stock in a transaction on Monday, April 26th. The stock was sold at an average price of $14.44, for a total value of $122,740,000.00. Following the completion of the sale, the director now directly owns 21,689,950 shares of the company’s stock, valued at $313,202,878. The disclosure for this sale can be found here. Insiders have sold 8,644,624 shares of company stock worth $124,853,641 over the last quarter. 20.30% of the stock is currently owned by corporate insiders.
SITC has been the topic of several recent research reports. TheStreet upgraded SITE Centers from a “d+” rating to a “c-” rating in a report on Wednesday, March 17th. KeyCorp raised their target price on SITE Centers from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, April 23rd. Truist raised their target price on SITE Centers from $11.00 to $13.00 in a report on Wednesday, March 31st. Morgan Stanley raised their target price on SITE Centers from $14.00 to $14.50 and gave the company an “equal weight” rating in a report on Tuesday, May 18th. Finally, Mizuho raised their target price on SITE Centers from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, April 23rd. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $12.10.
About SITE Centers
SITE Centers is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.
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