Commonwealth Bank of Australia Acquires New Position in SITE Centers Corp. (SITC)
Commonwealth Bank of Australia purchased a new stake in shares of SITE Centers Corp. (NASDAQ:SITC) during the 4th quarter, HoldingsChannel reports. The fund purchased 6,400 shares of the company’s stock, valued at approximately $70,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Presima Inc. acquired a new position in shares of SITE Centers during the fourth quarter valued at $1,176,000. Frontier Capital Management Co. LLC acquired a new position in shares of SITE Centers during the fourth quarter valued at $27,546,000. Victory Capital Management Inc. acquired a new position in shares of SITE Centers during the fourth quarter valued at $39,352,000. SG Americas Securities LLC acquired a new position in shares of SITE Centers during the fourth quarter valued at $1,071,000. Finally, State of Alaska Department of Revenue acquired a new position in shares of SITE Centers during the fourth quarter valued at $732,000.
In related news, CEO David R. Lukes bought 15,000 shares of the business’s stock in a transaction on Monday, December 31st. The shares were purchased at an average price of $11.00 per share, with a total value of $165,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
SITE Centers (NASDAQ:SITC) last released its earnings results on Wednesday, February 20th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. The company had revenue of $121.50 million during the quarter, compared to analyst estimates of $128.54 million. SITE Centers’s revenue for the quarter was down 42.0% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Shareholders of record on Friday, March 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 6.16%. The ex-dividend date is Thursday, March 14th.
Several brokerages have recently issued reports on SITC. TheStreet raised SITE Centers from a “d+” rating to a “c-” rating in a research note on Thursday, February 21st. Zacks Investment Research lowered SITE Centers from a “hold” rating to a “sell” rating in a research note on Saturday, January 26th. Mizuho raised SITE Centers from a “neutral” rating to a “buy” rating and upped their price target for the company from $12.00 to $14.00 in a research note on Wednesday, January 23rd. Finally, Capital One Financial raised SITE Centers from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 30th.
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About SITE Centers
SITE is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. 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.
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