Panoramic Capital LLC Buys Shares of 479,550 Site Centers Corp. $SITC

Panoramic Capital LLC bought a new position in Site Centers Corp. (NYSE:SITC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 479,550 shares of the company’s stock, valued at approximately $1,017,000.

Other large investors have also made changes to their positions in the company. WealthCollab LLC increased its position in shares of Site Centers by 950.8% during the 1st quarter. WealthCollab LLC now owns 5,296 shares of the company’s stock valued at $29,000 after purchasing an additional 4,792 shares during the last quarter. Symmetry Peak Management LLC purchased a new position in shares of Site Centers in the second quarter worth approximately $37,000. EverSource Wealth Advisors LLC boosted its holdings 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 last quarter. Parallel Advisors LLC grew its position in Site Centers by 3,546.9% during the first quarter. Parallel Advisors LLC now owns 8,242 shares of the company’s stock valued at $45,000 after buying an additional 8,016 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in Site Centers by 380.9% during the fourth 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. 88.70% of the stock is currently owned by institutional investors.

Site Centers Trading Up 2.0%

Shares of NYSE:SITC opened at $3.04 on Thursday. The stock has a 50 day moving average of $3.93 and a 200 day moving average of $5.02. The company has a market cap of $159.51 million, a PE ratio of 1.26 and a beta of 0.99. Site Centers Corp. has a 12-month low of $2.89 and a 12-month high of $12.39.

Site Centers (NYSE:SITC) last released its earnings results on Monday, August 3rd. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.08. Site Centers had a net margin of 219.18% and a return on equity of 40.56%. The company had revenue of $6.85 million for the quarter, compared to analysts’ expectations of $8.20 million. Equities research analysts predict that Site Centers Corp. will post -0.29 earnings per share for the current fiscal year.

Site Centers Announces Dividend

The company also recently disclosed a special dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were given a dividend of $1.00 per share.

Analyst Ratings Changes

Several research firms have weighed in on SITC. Weiss Ratings reiterated a “sell (d)” rating on shares of Site Centers in a research report on Wednesday, June 24th. Zacks Research downgraded shares of Site Centers from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 20th. Wall Street Zen upgraded Site Centers from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Piper Sandler lowered their target price on Site Centers from $5.00 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $6.75.

Site Centers Profile

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.