Site Centers Corp. $SITC Holdings Raised by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. increased its stake in Site Centers Corp. (SITC) by 114.3%, owning 150,359 shares after purchasing an additional 80,205 shares in Q1.
• The stock has received an average rating of "Hold" from analysts, with a consensus price target of $31.46.
• Site Centers recently paid a special dividend of $3.25 per share, benefiting shareholders of record on August 15th.

Panagora Asset Management Inc. lifted its stake in shares of Site Centers Corp. (NYSE:SITC - Free Report) by 114.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,359 shares of the company's stock after acquiring an additional 80,205 shares during the period. Panagora Asset Management Inc. owned 0.29% of Site Centers worth $1,931,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. AlphaQuest LLC raised its holdings in Site Centers by 256.7% in the first quarter. AlphaQuest LLC now owns 4,848 shares of the company's stock valued at $62,000 after buying an additional 3,489 shares during the period. Covestor Ltd raised its holdings in Site Centers by 61.7% in the first quarter. Covestor Ltd now owns 6,072 shares of the company's stock valued at $78,000 after buying an additional 2,316 shares during the period. GAMMA Investing LLC raised its holdings in Site Centers by 1,223.2% in the first quarter. GAMMA Investing LLC now owns 8,230 shares of the company's stock valued at $106,000 after buying an additional 7,608 shares during the period. Tower Research Capital LLC TRC raised its holdings in Site Centers by 1,306.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,419 shares of the company's stock valued at $205,000 after buying an additional 12,465 shares during the period. Finally, American Century Companies Inc. raised its holdings in Site Centers by 12.3% in the first quarter. American Century Companies Inc. now owns 13,864 shares of the company's stock valued at $178,000 after buying an additional 1,516 shares during the period. Hedge funds and other institutional investors own 88.70% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Piper Sandler reaffirmed an "overweight" rating on shares of Site Centers in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $31.46.

Site Centers Stock Down 0.2%

Shares of SITC stock traded down $0.02 during mid-day trading on Friday, reaching $9.35. 1,475,853 shares of the company were exchanged, compared to its average volume of 924,890. Site Centers Corp. has a fifty-two week low of $8.92 and a fifty-two week high of $30.56. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.74 and a current ratio of 1.74. The company has a market capitalization of $490.10 million, a P/E ratio of 1.38 and a beta of 1.40. The business's 50 day simple moving average is $11.30 and its 200 day simple moving average is $12.00.

Site Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.16 earnings per share for the quarter, hitting analysts' consensus estimates of $0.16. Site Centers had a net margin of 189.28% and a return on equity of 36.67%. The business had revenue of $30.66 million during the quarter, compared to the consensus estimate of $33.10 million. During the same quarter last year, the company earned $0.27 earnings per share. The business's quarterly revenue was down 63.8% compared to the same quarter last year. Research analysts predict that Site Centers Corp. will post 3.24 earnings per share for the current year.

Site Centers Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a dividend of $3.25 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. Site Centers's dividend payout ratio (DPR) is presently 7.69%.

Site Centers Profile

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.