Tidal Investments LLC Buys 222,404 Shares of Site Centers Corp. $SITC

Tidal Investments LLC grew its stake in shares of Site Centers Corp. (NYSE:SITC) by 339.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 287,953 shares of the company’s stock after purchasing an additional 222,404 shares during the period. Tidal Investments LLC’s holdings in Site Centers were worth $1,143,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Bessemer Group Inc. raised its stake in Site Centers by 315,970.1% during the 1st quarter. Bessemer Group Inc. now owns 635,301 shares of the company’s stock worth $3,431,000 after buying an additional 635,100 shares during the period. Rush Island Management LP increased its holdings in shares of Site Centers by 11.4% during the first quarter. Rush Island Management LP now owns 4,445,666 shares of the company’s stock valued at $24,007,000 after acquiring an additional 456,032 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Site Centers during the second quarter worth approximately $20,004,000. Jefferies Financial Group Inc. acquired a new position in shares of Site Centers during the second quarter worth approximately $7,222,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Site Centers in the 2nd quarter worth $921,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on SITC shares. Zacks Research downgraded shares of Site Centers from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Piper Sandler reduced their price objective on shares of Site Centers from $5.00 to $3.50 and set a “neutral” rating for the company in a report on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Site Centers from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Sell” and an average price target of $3.50.

Site Centers Price Performance

Shares of SITC stock opened at $2.96 on Friday. The firm has a 50-day moving average of $3.40 and a 200-day moving average of $4.60. Site Centers Corp. has a one year low of $2.80 and a one year high of $9.08. The company has a market cap of $155.05 million, a P/E ratio of 1.23 and a beta of 0.98.

Site Centers (NYSE:SITC) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. The business had revenue of $6.85 million for the quarter, compared to analyst estimates of $8.20 million. Site Centers had a return on equity of 40.56% and a net margin of 219.18%. As a group, research analysts expect that Site Centers Corp. will post -0.29 earnings per share for the current fiscal year.

Site Centers Dividend Announcement

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

About Site Centers

SITE Centers Corp. (NYSE: SITC) is a real estate investment trust that owns, operates and manages open-air shopping centers in the United States. Its portfolio is primarily composed of grocery-anchored and necessity-oriented retail properties that serve everyday consumer needs, including supermarkets, pharmacies, restaurants, personal services and other convenience-focused businesses.

The company’s properties are generally located in suburban communities and are leased to a diverse range of national, regional and local retailers.