Cornerstone Investment Partners LLC Makes New $159,000 Investment in SITE Centers Corp. (NYSE:SITC)

Cornerstone Investment Partners LLC purchased a new position in shares of SITE Centers Corp. (NYSE:SITC) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 11,639 shares of the company’s stock, valued at approximately $159,000.

Other institutional investors have also recently made changes to their positions in the company. Evergreen Capital Management LLC boosted its stake in SITE Centers by 6.9% in the 3rd quarter. Evergreen Capital Management LLC now owns 12,770 shares of the company’s stock valued at $159,000 after purchasing an additional 828 shares during the period. Van ECK Associates Corp boosted its stake in SITE Centers by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 22,324 shares of the company’s stock valued at $275,000 after purchasing an additional 925 shares during the period. HighTower Advisors LLC boosted its stake in SITE Centers by 2.9% in the 1st quarter. HighTower Advisors LLC now owns 36,428 shares of the company’s stock valued at $446,000 after purchasing an additional 1,038 shares during the period. Wexford Capital LP lifted its position in shares of SITE Centers by 9.0% during the 1st quarter. Wexford Capital LP now owns 13,507 shares of the company’s stock valued at $166,000 after acquiring an additional 1,116 shares during the period. Finally, LPL Financial LLC lifted its position in shares of SITE Centers by 3.1% during the 3rd quarter. LPL Financial LLC now owns 39,356 shares of the company’s stock valued at $485,000 after acquiring an additional 1,165 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Price Performance

SITE Centers stock opened at $13.65 on Friday. SITE Centers Corp. has a 52 week low of $10.88 and a 52 week high of $14.71. The stock has a fifty day moving average of $14.02 and a 200-day moving average of $13.40. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.24 and a current ratio of 3.24. The stock has a market capitalization of $2.86 billion, a P/E ratio of 11.28 and a beta of 1.58.

SITE Centers (NYSE:SITC) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.66. SITE Centers had a return on equity of 14.00% and a net margin of 49.25%. The firm had revenue of $123.20 million for the quarter, compared to analyst estimates of $127.81 million. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue was down 9.7% on a year-over-year basis. On average, sell-side analysts expect that SITE Centers Corp. will post 0.94 earnings per share for the current fiscal year.

SITE Centers Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Thursday, March 14th were given a dividend of $0.13 per share. The ex-dividend date was Wednesday, March 13th. This represents a $0.52 annualized dividend and a dividend yield of 3.81%. SITE Centers’s payout ratio is 42.98%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SITC shares. Wolfe Research downgraded SITE Centers from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 5th. Wells Fargo & Company reiterated an “overweight” rating and set a $15.50 target price on shares of SITE Centers in a research report on Monday, April 1st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.25.

About SITE Centers

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. 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.