Bessemer Group Inc. Buys 635,100 Shares of Site Centers Corp. $SITC

Bessemer Group Inc. boosted its stake in Site Centers Corp. (NYSE:SITC) by 315,970.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 635,301 shares of the company’s stock after purchasing an additional 635,100 shares during the period. Bessemer Group Inc.’s holdings in Site Centers were worth $3,431,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in shares of Site Centers by 4,078.9% in the second quarter. EverSource Wealth Advisors LLC now owns 3,761 shares of the company’s stock worth $43,000 after buying an additional 3,671 shares during the period. Pensionfund Sabic bought a new stake in Site Centers during the 4th quarter valued at $32,000. PNC Financial Services Group Inc. boosted its position in Site Centers by 380.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,988 shares of the company’s stock valued at $45,000 after buying an additional 5,535 shares during the period. Pensionfund PDN bought a new stake in Site Centers in the 4th quarter worth $48,000. Finally, Osaic Holdings Inc. grew its holdings 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 acquiring an additional 7,116 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Site Centers Trading Down 0.8%

Shares of NYSE SITC opened at $4.38 on Wednesday. The firm has a fifty day simple moving average of $4.80 and a two-hundred day simple moving average of $5.54. Site Centers Corp. has a 12 month low of $3.91 and a 12 month high of $12.39. The firm has a market capitalization of $229.58 million, a PE ratio of 1.32 and a beta of 1.00.

Site Centers (NYSE:SITC) last announced its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $10.20 million.

Site Centers Announces Dividend

The business also recently disclosed a special dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be issued a $1.00 dividend. Site Centers’s dividend payout ratio (DPR) is presently 15.66%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SITC shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Site Centers in a research note on Wednesday, June 24th. Piper Sandler set a $5.00 target price on shares of Site Centers and gave the stock a “neutral” rating in a report on Tuesday. Finally, Wall Street Zen cut Site Centers from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $7.50.

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.