Panagora Asset Management Inc. Acquires 80,205 Shares of Site Centers Corp. $SITC

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. raised its holdings in Site Centers Corp. (NYSE:SITC - Free Report) by 114.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 150,359 shares of the company's stock after acquiring an additional 80,205 shares during the period. Panagora Asset Management Inc. owned approximately 0.29% of Site Centers worth $1,931,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SITC. Conversant Capital LLC raised its holdings in shares of Site Centers by 506.4% in the 1st quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock valued at $24,917,000 after acquiring an additional 1,620,579 shares in the last quarter. Rush Island Management LP raised its holdings in shares of Site Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock valued at $24,193,000 after acquiring an additional 976,110 shares in the last quarter. Man Group plc raised its holdings in shares of Site Centers by 1,126.0% in the 4th quarter. Man Group plc now owns 771,623 shares of the company's stock valued at $11,798,000 after acquiring an additional 708,685 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Site Centers by 3,701.4% in the 4th quarter. AQR Capital Management LLC now owns 727,672 shares of the company's stock valued at $11,126,000 after acquiring an additional 708,530 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Site Centers in the 1st quarter valued at about $6,360,000. Hedge funds and other institutional investors own 88.70% of the company's stock.

Site Centers Trading Down 0.7%

Site Centers stock traded down $0.07 during trading hours on Monday, reaching $9.28. The company had a trading volume of 254,488 shares, compared to its average volume of 977,530. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.74 and a quick ratio of 1.74. The company has a 50-day moving average price of $11.30 and a 200 day moving average price of $11.98. The firm has a market cap of $486.38 million, a price-to-earnings ratio of 1.37 and a beta of 1.40. Site Centers Corp. has a 12-month low of $8.92 and a 12-month high of $30.56.

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

Site Centers Announces Dividend

The business also recently declared a special dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a $3.25 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SITC. Piper Sandler reissued an "overweight" rating on shares of Site Centers in a report on Tuesday, July 8th. Wall Street Zen raised Site Centers from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $31.46.

Site Centers Company 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.