Cwm LLC has significantly increased its investment in Site Centers Corp. by an impressive 846.2% during the second quarter of 2023, as revealed in the firm’s latest 13F filing with the Securities & Exchange Commission (SEC). The institutional investor now owns 20,022 shares of Site Centers, having acquired an additional 17,906 shares during this period. By the end of the most recent quarter, Cwm LLC’s holdings in Site Centers were valued at approximately $226,000.
This surge in investment is part of a broader trend among institutional investors and hedge funds, many of whom have either increased or reduced their stakes in Site Centers. Notably, Nuveen LLC established a new position in the first quarter, valued at around $6.36 million. Additionally, Irenic Capital Management LP made a substantial investment, acquiring a stake worth approximately $18.91 million. In a striking move, Conversant Capital LLC raised its holdings in Site Centers by 506.4% during the same quarter, resulting in ownership of 1,940,579 shares, valued at about $24.92 million after purchasing an additional 1,620,579 shares.
Other significant changes include Principal Financial Group Inc., which increased its stake by 2.6%, now owning 277,998 shares worth $3.57 million, and Jacobs Levy Equity Management Inc., which also acquired a new stake valued at approximately $897,000. Overall, institutional investors and hedge funds collectively own around 88.70% of Site Centers’ stock.
Site Centers Corp. Stock Performance and Financial Overview
As of the latest trading session, shares of Site Centers (NYSE:SITC) opened at $8.66. The company currently maintains a debt-to-equity ratio of 0.59, alongside a current and quick ratio of 1.74. With a market capitalization of approximately $453.87 million, Site Centers has a price-to-earnings (P/E) ratio of 1.28 and a beta of 1.39. The stock’s performance indicates volatility, with a 50-day moving average of $9.42 and a 200-day moving average of $10.93. Over the past year, the stock’s value has fluctuated between a low of $8.42 and a high of $17.14.
On August 5, 2023, Site Centers announced its quarterly earnings, reporting earnings per share (EPS) of $0.16, which aligned with analysts’ expectations. The company generated a revenue of $30.66 million for the quarter, falling short of the anticipated $33.10 million. Year-over-year, Site Centers experienced a significant revenue decline of 63.8%, with the previous year’s EPS recorded at $0.27. Analysts project that Site Centers Corp. will post earnings of $3.24 per share for the current year.
Upcoming Dividend and Analyst Ratings
Site Centers has also announced a special dividend of $1.00, scheduled for payment on November 14, 2023. Investors of record by October 31, 2023 will be eligible for this dividend, with the ex-dividend date set for the same day.
In terms of market sentiment, several brokerages have recently provided insights on Site Centers’ stock. Weiss Ratings has reiterated a “sell (d)” rating on the shares as of October 8, 2023. Meanwhile, Piper Sandler set a price target of $12.00 and an “overweight” rating in a report dated October 22, 2023. Additionally, LADENBURG THALM/SH SH began coverage with a “neutral” rating and a target price of $10.00.
Overall, one analyst has issued a Buy rating for Site Centers, three have given it a Hold rating, and one has recommended a Sell. According to data from MarketBeat, the stock currently holds a consensus rating of “Hold” with an average price target of $13.13.
Site Centers Corp. is known for its ownership and management of open-air shopping centers situated in affluent suburban areas. As a self-administered and self-managed real estate investment trust (REIT), it operates as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.
