Rush Island Management LP Acquires 456,032 Shares of Site Centers Corp. $SITC

Rush Island Management LP grew its holdings in shares of Site Centers Corp. (NYSE:SITC) by 11.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,445,666 shares of the company’s stock after acquiring an additional 456,032 shares during the quarter. Site Centers accounts for approximately 1.6% of Rush Island Management LP’s holdings, making the stock its 16th biggest holding. Rush Island Management LP owned approximately 0.08% of Site Centers worth $24,007,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SITC. EverSource Wealth Advisors LLC boosted its stake in shares of Site Centers by 4,078.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company’s stock valued at $43,000 after purchasing an additional 3,671 shares in the last quarter. WealthCollab LLC grew its holdings in shares of Site Centers by 950.8% during the 1st quarter. WealthCollab LLC now owns 5,296 shares of the company’s stock valued at $29,000 after purchasing an additional 4,792 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Site Centers by 380.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock worth $45,000 after purchasing an additional 5,535 shares during the period. Osaic Holdings Inc. raised its position in Site Centers by 926.6% in the 2nd quarter. Osaic Holdings Inc. now owns 7,884 shares of the company’s stock worth $99,000 after purchasing an additional 7,116 shares during the period. Finally, Parallel Advisors LLC lifted its stake in Site Centers by 3,546.9% in the first quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock worth $45,000 after purchasing an additional 8,016 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Zacks Research upgraded shares of Site Centers to a “hold” rating in a research report on Wednesday, July 22nd. Wall Street Zen downgraded Site Centers from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Finally, Piper Sandler set a $5.00 target price on Site Centers and gave the company a “neutral” rating in a report on Tuesday, July 21st. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $7.50.

Site Centers Trading Up 0.3%

SITC stock opened at $4.45 on Wednesday. The firm’s 50-day moving average price is $4.69 and its two-hundred day moving average price is $5.47. Site Centers Corp. has a 12-month low of $3.91 and a 12-month high of $12.39. The stock has a market capitalization of $233.23 million, a price-to-earnings ratio of 1.34 and a beta of 1.00.

Site Centers (NYSE:SITC) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.11) by $0.13. The firm had revenue of $13.02 million during the quarter, compared to the consensus estimate of $10.20 million. Site Centers had a net margin of 212.95% and a return on equity of 47.95%. Equities analysts predict that Site Centers Corp. will post -0.15 EPS for the current year.

Site Centers Dividend Announcement

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

About Site Centers

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.