Cornerstone Investment Partners LLC Buys Shares of 11,639 SITE Centers Corp. (NYSE:SITC)

Cornerstone Investment Partners LLC purchased a new stake in shares of SITE Centers Corp. (NYSE:SITC) during the 4th quarter, Holdings Channel.com reports. The fund purchased 11,639 shares of the company’s stock, valued at approximately $159,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SITC. FMR LLC lifted its holdings in shares of SITE Centers by 21.6% during the 3rd quarter. FMR LLC now owns 16,126,938 shares of the company’s stock valued at $198,845,000 after buying an additional 2,861,012 shares during the period. Norges Bank bought a new position in SITE Centers in the 4th quarter worth $35,855,000. JPMorgan Chase & Co. raised its holdings in SITE Centers by 14.1% in the 1st quarter. JPMorgan Chase & Co. now owns 11,031,687 shares of the company’s stock worth $135,469,000 after purchasing an additional 1,361,282 shares during the period. Alyeska Investment Group L.P. bought a new position in SITE Centers in the 1st quarter worth $16,570,000. Finally, State Street Corp raised its holdings in SITE Centers by 12.9% in the 1st quarter. State Street Corp now owns 10,803,754 shares of the company’s stock worth $181,908,000 after purchasing an additional 1,234,412 shares during the period. 88.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

SITC has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $15.50 target price on shares of SITE Centers in a report on Monday, April 1st. Wolfe Research cut SITE Centers from an “outperform” rating to a “peer perform” rating in a report on Friday, January 5th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.25.

SITE Centers Price Performance

NYSE:SITC opened at $13.65 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 0.81. The business’s 50-day simple moving average is $14.02 and its two-hundred day simple moving average is $13.40. The stock has a market cap of $2.86 billion, a PE ratio of 11.28 and a beta of 1.58. SITE Centers Corp. has a 52 week low of $10.88 and a 52 week high of $14.71.

SITE Centers (NYSE:SITC) last posted 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. The business had revenue of $123.20 million for the quarter, compared to analysts’ expectations of $127.81 million. SITE Centers had a return on equity of 14.00% and a net margin of 49.25%. The business’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. As a group, analysts forecast that SITE Centers Corp. will post 0.94 EPS for the current fiscal year.

SITE Centers Cuts Dividend

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

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.