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

Kore Advisors LP purchased a new stake in shares of Site Centers Corp. (NYSE:SITC) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 797,109 shares of the company’s stock, valued at approximately $4,304,000. Site Centers accounts for approximately 4.6% of Kore Advisors LP’s portfolio, making the stock its 8th largest position.

Several other hedge funds have also bought and sold shares of SITC. SG Americas Securities LLC boosted its holdings in Site Centers by 698.7% in the fourth quarter. SG Americas Securities LLC now owns 819,736 shares of the company’s stock worth $5,263,000 after acquiring an additional 717,098 shares in the last quarter. Tudor Investment Corp ET AL increased its position in shares of Site Centers by 47.0% during the third quarter. Tudor Investment Corp ET AL now owns 314,955 shares of the company’s stock valued at $2,838,000 after acquiring an additional 100,709 shares in the last quarter. Bessemer Group Inc. raised its holdings in Site Centers by 315,970.1% in the 1st quarter. Bessemer Group Inc. now owns 635,301 shares of the company’s stock worth $3,431,000 after acquiring an additional 635,100 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Site Centers by 150.9% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 654,465 shares of the company’s stock worth $4,202,000 after buying an additional 393,571 shares in the last quarter. Finally, Jefferies Financial Group Inc. increased its holdings in Site Centers by 34.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 1,819,088 shares of the company’s stock worth $11,679,000 after buying an additional 464,892 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Analyst Ratings Changes

SITC has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a report on Wednesday, June 24th. Piper Sandler set a $5.00 price objective on shares of Site Centers and gave the company a “neutral” rating in a report on Tuesday. Finally, Wall Street Zen cut Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Site Centers presently has a consensus rating of “Reduce” and a consensus price target of $7.50.

Site Centers Stock Performance

Shares of NYSE SITC opened at $4.26 on Thursday. Site Centers Corp. has a fifty-two week low of $3.91 and a fifty-two week high of $12.39. The company has a market cap of $223.78 million, a price-to-earnings ratio of 1.28 and a beta of 1.00. The business’s 50 day moving average price is $4.77 and its 200-day moving average price is $5.52.

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

Site Centers Announces Dividend

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

Site Centers 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.