Rush Island Management LP Grows Stock Holdings in Site Centers Corp. $SITC

Rush Island Management LP increased its stake in Site Centers Corp. (NYSE:SITC) by 11.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,445,666 shares of the company’s stock after purchasing an additional 456,032 shares during the quarter. Site Centers comprises about 1.6% of Rush Island Management LP’s holdings, making the stock its 16th largest position. Rush Island Management LP owned 8.47% of Site Centers worth $24,007,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in SITC. Gumshoe Capital Management LLC purchased a new stake in shares of Site Centers in the fourth quarter worth about $14,278,000. Cohen & Steers Inc. grew its stake in Site Centers by 129.8% during the fourth quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company’s stock valued at $17,196,000 after acquiring an additional 1,512,817 shares in the last quarter. SG Americas Securities LLC grew its stake in Site Centers by 176.0% during the first quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company’s stock valued at $12,217,000 after acquiring an additional 1,442,755 shares in the last quarter. Jane Street Group LLC purchased a new position in Site Centers during the fourth quarter valued at approximately $8,356,000. Finally, Millennium Management LLC increased its holdings in Site Centers by 2,101.6% during the 4th quarter. Millennium Management LLC now owns 1,257,419 shares of the company’s stock worth $8,073,000 after acquiring an additional 1,200,306 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Wall Street Analyst Weigh In

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

Site Centers Price Performance

Shares of Site Centers stock opened at $4.45 on Wednesday. Site Centers Corp. has a 1 year low of $3.91 and a 1 year high of $12.39. The firm has a market cap of $233.23 million, a PE ratio of 1.34 and a beta of 1.00. The company has a 50 day simple moving average of $4.69 and a two-hundred day simple moving average of $5.47.

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

Site Centers Dividend Announcement

The company also recently disclosed a special dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be issued a $1.00 dividend.

Site Centers Company 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.